Transferring property ownership

The final stage of buying a property is perhaps the most nerve-racking part of the process. You have probably spent a number of months searching for a property, negotiating the price and securing a mortgage. Your heart is now set on that property becoming your new home and every part of you is willing for the transfer of ownership to go smoothly. This article should help you understand the process and highlight what to look out for during the contract exchange and completion of the sale.

Deposits and mortgages

When you are looking to buy a house, deposits and mortgages go hand in hand because the size of your deposit will affect the size of your mortgage and therefore the amount you repay. This article explains how much you need for a deposit and how you can get the best mortgage deal.

As discussed in our property buyer’s guide article, a mortgage is a financial loan that is usually provided by a bank or building society and a deposit is required to get a mortgage. At the time of writing your deposit must be at least 5% of the property’s value and your mortgage provider would lend you the remaining 95%. However, this deposit amount is a minimum requirement and there are a number of reasons why you should save up for longer in order to put down a bigger deposit.

How leaving a Will can safeguard your children’s future

We all want to provide for our loved ones but unfortunately many people don’t plan enough for a future after they are gone and presume that their possessions will be inherited automatically by their immediate family. Some people may think their possessions do not add up to much and are not worth passing on to loved ones. However, the value of your assets and deciding who receives your estate is only one aspect of a Will. Using your Will to safeguard your children’s future should be a much bigger priority than it often is, but it is sadly sometimes overlooked due to a lack of awareness and understanding about its significance.

What should you include in a Will?

There are a number of elements that should be included in your Will and some are more obvious than others. How your estate is to be divided up or stipulating funeral and burial arrangements seem like obvious choices. If you are unsure then this guide should hopefully provide you with a useful starting point but to ensure everything is covered correctly, we recommend instructing a solicitor to write your Will.

How does Inheritance Tax work?

When writing your Will you need to consider and account for Inheritance Tax, a tax applied to the value of your estate after your passing. This article explains how this form of tax works, what you need to be aware of and how a solicitor can help you to minimise the amount of potential Inheritance Tax your beneficiaries will have to pay on your estate.

The value of your assets will be calculated after your death and after any outstanding debts are settled and funeral expenses are paid. If the remaining estate value is above the Inheritance Tax threshold, what you leave behind for your beneficiaries will be taxable.

Summer 2015 Budget – Small / Medium Sized Businesses

We have keenly followed George Osborne’s Summer 2015 Budget aware of the implications it has on our corporate clients. Yesterday’s budget announcements by the Chancellor contained several proposals which are likely to please owners of small and medium sized businesses.

One of the headline announcements was the proposed reduction in corporation tax from the current rate of 20 per cent to 19 per cent in the 2017 financial year (FY) and 18 per cent in FY2020. Given the difference between corporate tax rates and personal rates, this downwards trend may be followed by an increased use of personal companies.

An announcement which will appeal to businesses who invest in qualifying plant and machinery is confirmation that the annual investment allowance shall be £200,000 from January 2016. This means that businesses can deduct the value of qualifying plant and machinery up to a total of £200,000 from their profits before tax. This is a permanent cap, which creates certainty for businesses which are planning on making qualifying investments.

An increase to the Employment Allowance from the current rate of £2,000 to £3,000 means that businesses will benefit from a reduction in the National Insurance they pay. Businesses will undoubtedly enjoy this reduction in the cost of staff.

We have a network of trusted accountants and other tax specialists who we can refer you to and are able to advise you on a range of business taxation matters.

Reasons to avoid “do-it-yourself” Wills

It can be difficult planning for your loved ones after your passing but it is important that you try and minimise the stress and emotional impact the proceeding events can have.

Producing a valid Will of your own making is difficult and can be a risky choice. If any elements of the Will are written incorrectly or the Will is somehow invalid, your loved ones will be left to deal with the aftermath which could be a potentially complicated situation that leads to your final wishes not being followed as you would have liked.