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Brookwood Accountancy & Business Advisory Services post articles here to help you stay up to date with the latest tax and accounting issues that could face you or your business.
Inheritance Tax 2024
There were no changes to the Inheritance tax nil rate and residence nil rate bands, which remain at, respectively, £325,000 and £175,000. However, the thresholds, which were due to remain at this level until 2028, will now be frozen until 2030. This is fiscal drag and will mean the thresholds aren't increased with inflation.
The Government are to reform Business Property Relief (BPR) and Agricultural Property Relief (APR). The existing 100% rates of relief will be capped at the first £1 million of combined agricultural and business property; thereafter, the rate of relief will be 50%.
A technical consultation is to be published in early 2025.
This will come as a blow to those looking to pass on their business or farms to their children.
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Do you need some help or advice?
This Book a Call – is designed to help you “The Owner” in whatever context you are the owner to review and plan your finances.
Do you feel like “The Budget.. ” is all far too complicated and you are to busy to deal with it?
All to often business owners say, “….if only I had known.” or ” ….I could have done this or that?”
Yes, that is why you need to Book a Call.
The call will be done with a Qualified Accountant, who will have reviewed your affairs before the call.
You will need to be open and frank and the discussions will be documented for future reference.
We want all of our clients to succeed and prosper so we are putting time and resources aside to help.
Help us help you and your business by getting in touch.
This service is only available to our current clients.
If you have a package that includes planning this is a free service, if you don’t have a package don’t worry – we are offering this at a simple low price to ensure you get not only value for money but peace of mind that you have considered all the options and checked everything.
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Registered Office: The Old Post Office, 19 Banbury Road, Kidlington, Oxford OX51AQ
Call us: 01865 842 266