If you’re self-employed, you’ve probably been hearing a lot about IR35 over the past few months. In fact, the mere sight of that specific sequence of letters and numbers on this page may even make your stomach flip. And not in a good way.
If you work, you have to pay tax. HMRC takes a cut of everything you earn. That’s a fact of life.
But what if you receive money or some other valuable asset as a gift, without having to shed a drop of sweat for it? Will HMRC make like Scrooge and force you to pay tax on that too? Or is some — or all of your gift — tax-free?
It’s not every day that the government promises a tax cut. So, if you’re self-employed, you might have been waiting for the 2018/19 tax year with bated breath. Back in 2016, the Chancellor of the Exchequer announced a National Insurance tax cut for the self-employed as from April 2018 — this year.
But how did that work out?
Losing a loved one is distressing enough. But if they’ve put you in their will, you may also have to deal with inheritance tax.
Here’s a roundup of the inheritance tax rules in the UK. And, because paying too much tax sucks (especially when it’s inheritance tax), we’ll also throw in some tips on how you can minimise or even avoid it altogether.