In this Podcast recorded with Keith Aitkin, a freelance broadcaster, writer and author, Ronnie Ludwig of Saffery Champness discusses some of the practical steps that people can take to minimise their tax bills in the face of the credit crunch.

Among the topics covered by Ronnie and Keith are the reliefs available to people using corporate and partnership structures, loss relief in the buy-to-let market, and topping up your pension in the midst of the economic period.

Listen to the Credit Crunch Podcast

In today’s Scotsman newspaper, Ronnie Ludwig, a Partner in the Private Wealth Group at Saffery Champness, writes on the subject of divorce and potential solutions to mitigate the impact of capital gains tax on assets in such cases, particularly the family home.

Click here to read the full article

In today’s Financial Times, Tim Gregory, a member of the Private Wealth Group at Saffery Champness answered a Reader’s Question on the subject of protecting the family home from Inheritance Tax.

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There is only a month left before the 30th September self-assessment tax deadline. Self-assessment taxpayers who want HMRC to calculate their tax liability due for the 2007/2008 tax year must submit their returns by this date.

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The 2008 Finance Bill received Royal Assent on 21 July, passing into law as the Finance Act 2008. It confirms the new UK tax regime for UK resident individuals who are not domiciled or in some circumstances, not ordinarily resident in the UK – and spells significant changes from the prior regime. View full details in our latest Tax e-Briefing.

These are difficult times for businesses and investors and many people are struggling to find cash to inject into their pension schemes. Fortunately for those who own their own businesses, the situation may not be as bleak as it seems thanks to some help from HM Revenue & Customs. Read the rest of this entry »

The UK has long been a very attractive location for International employees and/or individuals looking for a base in Europe – this is due to the fact that we have a ‘remittance basis’ of assessment for non UK nationals who are resident in the UK. While this remains in place, recent changes have given rise to potential pitfalls that may catch the unwary… Read the rest of this entry »

It is now well known that significant changes for non UK domiciliaries will become effective for the 2008/09 UK tax year, which could substantially affect tax payments due by 31 January 2010. That seems a long way off, but for many the time for decisions that will impact on that tax payment is now. Read the rest of this entry »

With petrol prices soaring, hard-pressed motorists are searching for ways to cut the costs of driving. Those who use their cars for businesses are particularly aggrieved that the allowance set by HMRC for business travel by members of the public has been frozen at 40p a mile since 2002. View our press release for further details.

A brief note to let you know that a new law enacted yesterday (17 June 2008) introduces an immediate tax charge for certain individuals who expatriate or give up their green card. The tax charge will arise on any inherent gain on their worldwide assets and on future gains and bequests to US citizens or residents.

Trustees will also need to consider whether they have any beneficiaries who are caught by the new legislation, as they may need to deduct US withholding tax from distributions to such individuals.
Whilst there are certain exemptions, it is strongly recommended that these individuals wishing to expatriate seek early professional advice.