Teresa

Announced by Chancellor George Osborne in Budget 2016 and launching on 6 April 2017, the Lifetime ISA is designed to provide a tax-efficient option for people saving for a first home or retirement.

Owning and running your business is a tough proposition but it is vitally important that people continue to do it. As well as the rewards that come from hard work and determination, there are also monetary benefits to running your own business.

Selling something you own for more than you originally bought it for is the basis of doing ‘good business’ in terms of both personal and business finance.

Auto-enrolling employees into a workplace pension scheme is a legal requirement for all businesses, from those employing hundreds to those with 1 or 2 people on the payroll.

Effective estate planning ensures that your property and/or possessions go to the people you choose when you die. It can also be financially beneficial to the recipients of your estate as it can reduce the amount of tax paid to HMRC on your estate.

There are more than 3 million family businesses in the UK, which between them employ more than 9 million people and contribute 15% to GDP.

The overriding aim of all personal tax planning is to legally reduce the amount of tax paid on an individual’s income. This income can come from a number of sources and the tax reduction strategies available will be based on the reliefs and allowances applicable to each source.

Owner-managers and contractors often pay themselves in a combination of salaries, bonuses and dividends.

The system of employee benefits and taxes for those who travel for the purposes of work is undergoing change.