We have summarised here the key tax rates and allowances for 2024/25, which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference. These rates are intended for use as a quick point of reference. Should you require any further information, or if you have any questions or require detailed advice, then please do not hesitate to contact us.  The post Tax Rates 2024/25 first appeared on RRL ..read more

We have summarised here the key tax rates and allowances for 2023/24, which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference. These rates are intended for use as a quick point of reference. Should you require any further information, or if you have any questions or require detailed advice, then please do not hesitate to contact us.  The post Tax Rates 23/24 first appeared on RRL ..read more

Read our Year End Tax Planning Guide here.   The run up to the end of the tax year on 5 April 2024 is a good time to make sure that your family and business finances are arranged in the best way possible. Please find above, our useful PDF guide, that provides an overview/summary of key points for consideration. The freeze of many tax rates and thresholds continues to increase the government’s tax take, but there are still many useful ways to arrange your affairs tax efficiently, and we provide an overview of some of these here, including: Tax rates and allowances Tax and the family Famil ..read more

Michelle Dash, Manager at RRL Cornwall, explains recent changes in UK company law as featured in this month’s Cornwall Living magazine.   The Economic Crime and Corporate Transparency Act (the Act) received Royal Assent on 26th October 2023, with Companies House anticipating the first changes to UK company law from 4th March this year. At the time of writing, the introduction of these changes is awaiting secondary legislation, and therefore the implementation date is still dependent on parliamentary timetables. The Act aims to introduce measures which will lead to improved transparency an ..read more

If you have an Enduring Power of Attorney (EPA) you may be wondering if you need to replace this with a Lasting Power of Attorney (LPA). Lasting Powers of Attorney were introduced in October 2007 as a replacement for Enduring Powers of Attorney. However, if you have an EPA, this can still be used if necessary. LPAs are more flexible and can provide more protection than an EPA. We take a look at the differences and what to consider if you have an EPA and are wondering if you need to make an LPA in its place. What is an Enduring Power of Attorney? An EPA is a legal document giving authority to a ..read more

A recent case has highlighted the importance of understanding the contents of your Will, particularly if you make a new version that contradicts the previous one. Wills can be complicated and when you have a new Will drafted, your solicitor will explain the contents to you and make sure that you completely understand the effect of your Will and that the provisions are what you intended. Invalid Will in a £100 million estate case In one of the largest contentious probate cases ever heard in the courts of England and Wales, a court has found that a Will was not valid because the person making th ..read more

On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to attempt to restore confidence and win over voters. But on the heels of Britain entering a recession and downgraded Office for Budget Responsibility (OBR) forecasts, the Chancellor had his work cut out. In any event, it was one of the most interesting fiscal announcements of recent times. In our PDF summary (here), we talk more about the Spring Budget headlines and other measures announced. Our ..read more

It was always going to be a very odd Budget with a general election looming, and this, of course, cast a huge shadow over the entire Budget. The Chancellor found himself in the unenviable position of being caught between the looming election shadow, a bleak outlook for the Conservative party in terms of polls, a very tight position due to the poor state of public finances and a gloomy growth outlook, and a very high overall effective tax environment. The awkwardness was further magnified, by the ongoing significant divisions of opinion within the Conservative party regarding the preferred dire ..read more

A recent case has highlighted the importance of understanding the contents of your Will, particularly if you make a new version that contradicts the previous one. Wills can be complicated and when you have a new Will drafted, your solicitor will explain the contents to you and make sure that you completely understand the effect of your Will and that the provisions are what you intended. Invalid Will in a £100 million estate case In one of the largest contentious probate cases ever heard in the courts of England and Wales, a court has found that a Will was not valid because the person making th ..read more

As featured within Business Cornwall magazine, Tax Partner, Steve Maggs, offers this useful checklist of advice for the new tax year: It is that time of year again when we reflect and make plans to review and tackle things we have been meaning to for a while. Reviewing your tax and financial position should be included in these plans. This represents an overview of some tax planning points you may wish to consider. Income splitting – Married couples/civil partners should review their level of taxable income received in the year to make use of tax savings by structuring their affairs to ensure ..read more