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…

What investors, savers and homeowners should consider to protect their finances

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 property, bonds, oil, and gold. Companies have been forced to cut and cancel dividends, with many concerned that they may even go out of business altogether.…

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

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…

How to deal with an estate as an executor during the coronavirus pandemic

Adjusting to the challenges caused by coronavirus has been difficult for all of us. However, for those dealing with the death of a loved one, the onerous obligations placed on executors may seem overwhelming. In recent years there has been an increase in the number of claims brought against executors by beneficiaries. Coupled with increased financial hardship as a result of the coronavirus pandemic, it is vital that executors understand their duties and obligations to avoid claims. In this article we set out what is required of executors, and how…

Wills and Lasting Powers of attorney – Is now a good time?

Coronavirus has caused a lot of chaos and it has been a very turbulent time for us all. What is evidently clear is that everyone is in the same situation and it is entirely natural to feel concerned about the impact on your family and your finances during this time. You can take control of the situation and your future in your own hands by drawing up a Will and making Lasting Powers of Attorney, to ensure that you have peace of mind and have secured the future of your…

Can I still create or amend a Will during lockdown?

Creating a new Will, or amending an existing Will is one of the hot topics during the Covid-19 lockdown, and it is very important that everyone makes the decision to ensure that their Will is up to date. But how do you create a new Will, or amend an existing Will during lockdown? The requirements for creating and amending Wills are contained in legislation that dates back nearly 200 years, to the Wills Act 1837. This Act requires that in order for a Will to be valid it must be…

Law society report 30% increase in demand for Wills

NHS workers fighting Covid-19 on the front line, together with the elderly and vulnerable, lie behind a huge spike in demand for will writing over recent weeks, according to the professional body for solicitors.  The Law Society says many firms have reported a 30% increase, as a result of worries about the coronavirus pandemic, but the lockdown and self-isolation are creating new challenges in getting the wills drafted and signed while still complying with legal requirements.  There has been a surge in people looking to set up powers of attorney…

Safeguarding is vital when appointing others to act

Financial abuse of vulnerable people by those acting on their behalf is on the rise, with investigations into the actions of appointed attorneys soaring to a record high. With the continuing rise in dementia and a population that is living longer, these figures show how important it is that people understand how to act under a power of attorney, and the need for safeguarding and professional input to the process.  A Power of Attorney is a document by which someone - known as the donor - gives another person –…

Statutory legacy for partners raised to £270,000

The government has kept its promise to update intestacy rules every five years – albeit three months after its deadline passed. The change increases the statutory legacy for partners of people who die intestate from £250,000 to £270,000. The statutory legacy was last changed in October 2014 when it was set at £250,000 under provisions in the Inheritance and Trustees’ Powers Act 2014. The figure is meant to be updated every five years. A statutory instrument setting out the increase – which is in line with the consumer price index…

Wills and Probate: Giving to charity

It seems that people in the UK are a charitable bunch. In fact, last year, just under £3 billion was donated to charity in Wills, which is expected to rise to £3.4 billion by 2022. This figure means that 3.5% of all of the money left in estates is now comprised of charitable giving. What sort of charities benefit? There is certainly no shortage of choice when it comes to picking a charity, but there are four industries that receive more than the rest. The lion’s share (38%) goes to…

Powered by How to backup and restore wordpress site

error: Content is protected !!