Manal Fouad, Author at Bowling & Co Solicitors

Cut future tax bills with unspent income from lockdown

Internet shopping may have boomed during lockdown, but many people have spent less than usual while forced to stay home, and those with spare money have an opportunity to make the most of inheritance tax reliefs on gifts to family and friends if they act swiftly. Giving away assets while you are alive can reduce the size of your estate for inheritance tax (IHT) purposes, and with IHT charged at 40 percent it’s worth doing a regular check on where you stand. Each person can pass on a maximum of…

Blog: Why is inheritance tax planning still important?

March 30, 2021
Manal Fouad
Private Client

The inheritance tax threshold is frozen until 2026 – but why is inheritance tax planning still important? If you intend to leave savings, property or other assets to family or friends after you die, you need to consider inheritance tax (IHT). It could cost your heirs up to 40% of their inheritance. By planning ahead, you can minimise IHT and ensure as much of your estate as possible reaches your loved ones. Understanding the tax-free allowance The tax-free inheritance allowance, known as the nil-rate band, allows your beneficiaries to inherit…

Blog: Dealing with inheritance disputes

Dealing with inheritance disputes may have arisen in response to soaring property prices, second marriages, and blended families, with relatives more likely to feel they are missing out, but the courts are pushing back on frivolous claims and obstructive family members. Such disputes once seemed the preserve of celebrities and the wealthy, such as the former lover of singer George Michael who was reported to be planning a claim against the singer’s estate recently, but research carried out by Direct Line found that a quarter of people would be prepared…

Blog: Why cohabiting couples must consider estate planning

Millions of couples across the UK are choosing to forego marriage and live as cohabitees. Why must cohabiting couples consider estate planning? Without proper estate planning, they could be putting their finances at risk. Unlike their married counterparts, unmarried couples have no automatic right to inherit from each other. However, with proper estate planning, you can ensure your cohabiting partner is properly provided for should you pass away. This article looks at some of the important estate planning matters all cohabiting couples should consider. Write a will The most straightforward…

Blog: Farming succession planning: a quick guide

February 10, 2021
Manal Fouad
Private Client

Farming succession planning is an essential part of running a family farm business. Effectively planning for the future allows you to protect your assets, safeguard your business, ensure continuity and provide for your family.Succession planning in the farming industry is also vital to the sector's viability as a whole. In this post, we look at some of the key things you need to consider when succession planning for your farming estate. Farming succession planning explained Succession planning isn't just about planning your retirement but ensuring a smooth transition for those…

Protecting your digital assets

January 6, 2021
Manal Fouad
Private, General

Protecting digital assets and memories is vital as the shift online continues The value of our online lives is becoming immeasurable, yet few people are recording or protecting their digital assets. Whether the financial value of investments or the emotional value of family photos, if there is no arrangement in place to hand on passwords, list accounts, or give authority for access, there is the chance of losing assets forever when someone dies. And problems can arise even while people are alive and still in a position to access online…

A quick guide to Self-Assessment tax returns and coronavirus schemes

The coronavirus outbreak has had an unprecedented impact on businesses and individuals. If you are self-employed, you may be concerned about paying your Self-Assessment tax bill due on 31 January 2021. In this post, we look at some of your options and government schemes set up to help businesses during the pandemic. What if I have tax payments due? If you currently owe tax from previous years, but your business is having difficulties with cash flow, you can contact the HMRC coronavirus helpline (0800 024 1222). They may be able…

Protect your finances – what investors, savers and homeowners should consider

November 6, 2020
Manal Fouad
General News, Residential, Private Client

Protect your finances and investments. This has been front of mind for so many people across the country, and the world over the past few months. At the beginning of the year, we could not fathom the impact the COVID-19 pandemic would have on the way we work and live - not to mention our savings, investments, and day-to-day finances. The UK is now in recession - the biggest on record. There have been monumental swings in the stock market and in the price of almost every other asset including…

How will my loved ones access my estate in England when I live overseas and non-UK domiciled?

October 16, 2020
Manal Fouad
News, Private Client

With the changes of Brexit and an increasing number of people choosing to retire and live abroad, it is becoming very common that they keep their assets in England for a “rainy day”! But how would their loved ones access the English estate when they are domiciled abroad? Much will depend on where the deceased was permanently living at the date of their death. In order to administer an estate of a person, the Executors or Administrators would need to extract a Grant of Probate or Letters of Administration from…

Lights, camera, action… signing your will goes live

September 9, 2020
Manal Fouad
Private, News, General

Experts are warning against self-directed videos following the announcement by the Government that legislation is to be introduced in September to allow wills to be signed remotely using a live video link. While the coronavirus pandemic continues to pose a challenge for those wishing to have their wills drafted and signed, the announcement does not loosen any of the strict requirements, but instead adds extra complications. “Many people don’t realise the conditions that must be met if a will is to be valid,” explained Manal Fouad, wills and trusts lawyer…

Manal Fouad