Aaron Associates - Taxation Services - February 2016 Update

We would like to take this opportunity to update you on February’s activity within Aaron Associates. Our tax consultancy offer a range of taxation services.
 
R&D and Patent Box
Below are examples of claims we can assist:

• Engineering – Tax repayment for developing a range of improved products and manufacturing processes for the aerospace industry.
• Insurance software – Tax credit for the development of an insurance platform that is built in a fundamentally different manner to any other insurance platform in the market.
• Automotive - Tax repayment for a bespoke manufacturer of sports cars, in particular for weight reduction work and the redesign of engine parts and machine processes.
• Software developer – corporation tax saving from the development of advanced CRM programs developed predominantly for legal practices.

In addition, we have worked with a number of clients keen to secure the benefit of Patent Box relief.

Inheritance tax
£1m inheritance tax allowance per couple?
One of the more positive things to come out of recent Budgets was that the Conservatives finally made good on their long standing promise to increase the inheritance tax allowances to £500,000 for an individual or to £1m for a couple.
 
These allowances will be phased in from April 2017 and will come fully into force from April 2020.
 
So all good news? Well yes and no.
 
Of course it is positive that the allowances are going up as they have been frozen now for six years, however there are, as always, a number of caveats and conditions that may catch some people out. For example the increased allowances only apply to people whose total estate, on death, is worth less than £2m.
    
If you would like us to review your current exposure to inheritance tax please contact us to arrange a meeting.
   
Sensible inheritance tax planning for future generations can make a massive difference over time enabling the preservation of family wealth.