Latest News

Dafferns Wealth

Tax Returns for Christmas

Tax Returns for Christmas?

HMRC data shows that 24,828 people brought in the new year by submitting their self-assessment tax returns on January 1st. 38,260 people submitted their returns on New Year’s Eve, with 310 filing their return just before midnight between 11pm and 11.59pm. The festive fun wasn’t confined to New Year celebrations. 4,409 people filed on Christmas …

Read more

Estate Planning and Blended Families

Estate Planning and Blended Families

Blended families are formed when two people live together with children from previous relationships. They are increasingly common in the UK, and can work extremely well. However it is worth considering the estate planning implications. It is possible to accidentally leave family members without any inheritance due to a lack of planning or appropriate legal …

Read more

Your Tax Return

What Information Should You Collect For Your Tax Return?

For a tax return, particularly for those with complex financial affairs, having comprehensive and accurate data is crucial. Here is a list of the most important information and documents you will need: Personal Information National Insurance Number: Your unique identifier for tax and benefits purposes. Unique Taxpayer Reference (UTR): Your personal tax reference number. Personal …

Read more

Tax Implications of Gifting

Tax Implications of Gifting

Gifting is the act of giving money (or a ‘chattel’) to someone for nothing in return. It’s common for people to do this occasionally for family members, but there are specific tax rules to remember, especially concerning inheritance tax (IHT). Here are some key points to consider: Annual Exemption: Each tax year, you can gift …

Read more

Why File Your Tax Returns Early

Why File Your Tax Returns Early?

Filing your accounts early doesn’t mean you have to pay your tax early. It just means you know how much you will need to pay, and that offers a number of advantages. Here are some compelling reasons why it might be a beneficial move: 1. Improved Financial Planning and Analysis Filing early provides more time …

Read more