Blog - 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…

New legislation for residential landlords

Residential landlords are under pressure to keep on top of a raft of new legislation and guidelines this year, including many protections for tenants extended by the government during the pandemic. They include a continuing hold on evictions, the new debt moratorium scheme, and changes to validating the right to rent, through to permission for pets, new rules on electrical testing and the anticipated extension for carbon monoxide monitoring later in the year. Landlords must also comply with the shift to online reporting to HMRC, under the Making Tax Digital…

Property evictions to resume

May 14, 2021
Sebastian Jakubowski
Property Market News, Property Law, Residential

Property evictions are to resume but residential tenants will continue to be assisted during the Covid-19 restrictions with longer notice periods remaining in place until at least October 2021. This was announced by The Housing Minister, Christopher Pincher, on the 12th of May. During the initial lockdown in 2020, the Government reformatted the notice periods for residential tenancies, affording tenants extra protection during the pandemic. As part of these temporary changes, a Section 21 Notice (which normally provides a tenant a 2-month notice to vacate a property) was extended to…

Future-proofing rent suspension clauses

The fallout of the Covid-19 pandemic has meant that landlords and tenants must consider future-proofing rent suspension clauses. Following the initial lockdown in March 2020 and subsequent disruption for many businesses, commercial landlords and tenants now must face a reality that a balance has to be struck when negotiating new leases to allow future-proofing to account for events like those imposed by the pandemic. Ideally, each side would want to achieve maximum protection for themselves, but a balance probably lies somewhere in the middle. A recent case involved a commercial…

Blog: Short-term holiday lets: home-owners must check the small print

As the shutters lift on life, with shops and bars opening and holiday planning underway, property owners may be thinking of cashing in on the demand for UK trips by offering their home for short-term holiday lets, but they may run into trouble if they don’t check the small print. As the shutters lift on life, with shops and bars opening and holiday planning underway, property owners may be thinking of cashing in on the demand for UK trips by offering their home for short-term lets, but they may run…

Blog: Five tips for businesses dealing with unpaid invoices

In this blog we suggest 5 tips for businesses dealing with unpaid invoices The coronavirus pandemic has caused financial difficulties for many and could be making the problem of late payments worse for both small businesses, the self-employed and freelancers. Carrying the weight of unpaid invoices really can make doing business challenging. The Forum of Private Business indicates that 1 in 4 businesses fall into insolvency as a result of late payment of invoices. While business owners need to worry about paying suppliers, staff members, rent and bills, unpaid invoices…

Blog: Why do you need a cohabitation agreement?

April 16, 2021
Vikram Kumar
Family

Do you need a cohabitation agreement if you live with your partner, or considering moving in together? There is, of course, no legal requirement to have a cohabitation agreement to live with a partner, but it can be a useful tool to protect your finances and establish practical arrangements. In this article, we look at why you might want to get a cohabitation agreement and what such an agreement can do for you. What is a cohabitation agreement? A cohabitation agreement is basically an outline of an open and honest…

Blog: Non-payment of child maintenance: What happens if a parent does not pay?

March 31, 2021
Vikram Kumar
Family

Under a child maintenance arrangement, child support is usually paid by the parent who does not have day-to-day care of the child or does not usually live with the child. In cases of non-payment of child maintenance, the receiving parent could launch a civil legal claim. However, this option is expensive and still leaves the issue of ensuring the paying parent complies with the judgment. Instead, where possible, you, as the receiving parent, can approach the Child Maintenance Service (CMS), which has wide-ranging powers of enforcement. What measures can the…

Blog: COVID-19 – Advice for commercial landlords and tenants

In this article we provide advice for commercial landlords and tenants impacted by the COVID-19 pandemic which has affected almost every industry in the UK, with many businesses experiencing a severe strain on their cashflow as a result. While commercial tenants may be struggling to pay rent in full and on a regular basis, their landlord could also be under pressure if they rely on these payments to maintain their own cashflow. Both parties to a commercial lease contract should understand how their liabilities and obligations have been affected by…

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…

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