Inheritance tax: another day, another government U-turn

Inheritance tax: another day, another government U-turn

IHT treatment of specialty debts

The government has back-pedalled on a controversial decision on inheritance tax after widespread criticism. HMRC came under fire when it decided that a type of debt which had historically been exempt from inheritance tax would now be subject to it – going against centuries of legal precedent.

After discussions with professional bodies, it has now changed its position again – though things still aren’t back to how they were before. Let’s take a look at what’s going on.

What’s the history?

The controversy relates to a type of debt called a ‘specialty debt’, which is one owed to someone who is not domiciled in the UK. It’s a kind of debt created by a deed or a seal, not just a normal contract.

Historically, such debts, when owed to a non-dom, have been exempt from UK inheritance tax if the document recording the debt is held outside the UK. In 2013, however, HMRC decided that specialty debts should usually fall under the country where the debtor lived instead – so if the debtor lived in the UK, the debt would now fall under UK tax law.

Yeah, so what?

Under the Inheritance Tax Act, property outside the UK is not subject to inheritance tax if the person inheriting it is not domiciled in the UK. And although ordinary debts come under the country where the debtor lives for tax purposes, specialty debts are considered to be a special kind of debt, and it is a long-established UK legal principle that their legal location is that of the document recording the debt.

The principle goes back to the Elizabethan ecclesiastical courts, which held that “the debt is where the bond is, being upon a speciality; but debt upon a contract follows the person of the debtor”.…

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Tips for Choosing the Right Recruitment Agency

The job market is suffering from candidate skills shortage. People seeking employment should use a recruitment agency specializing in their sector. Working with a recruitment firm takes pressure off the seekers and make the search more fruitful. Recruiters also offer a job seeker the opportunity to work for noble employers. How do you make sure that you’ve selected the right agency?

Tips for Choosing the Right Recruitment Agency

Assess Your Needs

Before contacting an agency, you should be familiar with your needs. What are you looking for in the job industry? What’s preventing you from achieving your dreams? To identify the support you need from a headhunter, it’s vital to assess your portfolio as well as career prospects.

Do Your Homework

To choose the right recruitment agency, do your homework. Look at the firm’s LinkedIn profile for the experience. Is there a sign of experience in your area of specialization? Do they demonstrate the claimed experience in your conversation? Look for a recruitment agency that’s willing to cater to your needs.

Do You Need a Specialist or Generalist?

Are you designated in a particular sector or exploring your options? Perhaps you’re open to a variety including a career change. A generalist would be your first option. If you’re a trained specialist, such as an engineer, you should find a recruitment firm that connects you to your niche. The firm should understand the trends as well as quirks of the sector. If you’re a salesperson, get professional IT sales recruiters to assist you.

Inquire from Your Peers

Searching for a recruitment agency can be as simple as inquiring around. There’s a possibility that your peers know about the firm’s reputation through their network. They have possibly been in touch with the company. Since recruiters are social, you might find invaluable information online. Ask your peers to recommend …

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Don’t Forget the Accountant When Starting Your Own Business

At some point, somewhere, in someplace, someone you know is thinking about or actually starting a viable business of some kind. Whether they succeed or fail in this endeavor will depend in part on how well they manage the books. The activity of recording business transactions or bookkeeping helps businesses account for what you’re doing now and hope to do in the near the future.

Don’t Forget the Accountant When Starting Your Own Business

Not a numbers person? Don’t let that frighten you. Think of it, instead, as just information about your business. And that means to a large extent, your employees, your customers, your vendors. The total of this aggregate and more are your business’ assets. Let’s say you entered all of this data into a spreadsheet to keep things organized. This would help you better track the businesses expenses. And to make things easier you can use bookkeeping software to simplify the process.

Assets and Liabilities

Here’s the skinny on these two biggies. Your assets would be your business equipment, inventory items, accounts receivable (money owed by customers). Your liabilities would be for example, money YOU owe to others (accounts payable), credit card balances and other balances scheduled for the following year.

What does all of this counting of assets and liabilities mean? Well, once you set everything up right, it will help manage the financial health of your company. People go into business to make a profit, and hopefully reduce their taxes as well. If things get too challenging, there are capable business accounting professionals available to assist you.

Professionals Are Available

Watson & Watt are a small business accountant firm that will make sure your books stay balanced. They use technology strategically to minimize the more boring parts of the number crunching task and show you visually the health of your business.

But what if …

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Making Your Cafe Franchise Business Plan Work

The concept of a cafe franchise is intriguing to lots of investors. If there is anyone that has ever spent their time wondering how they could get into a franchise business a cafe maybe a great place to get started. The reason for this is because it is a smaller venue than a fast food restaurant. When people engage into the cafe franchise business they have a better chance of setting their own boundaries and dealing specifically with a smaller selection of items.

 

Making Your Cafe Franchise Business Plan Work

If you search for a Franchise for sale you may find that the cafe business is going to be one of the more popular results to pop up in your search engine. This has much to do with the quaint setting that people like when they are in between decisions on going to a fast food or a full-scale restaurant. This is the safe middle ground that is ideal for breakfast, lunch and early dinner dates.

Hours of Operation

You can run your Cafe franchise the way that you would like to, but most of these businesses tend to thrive during the morning and daytime hours. This is where you get the bulk of your business, so it makes sense for people to operate during these hours. One of the best things about a cafe franchise business is the amount of exposure that you can now get through social media. If you have something of a novelty item that looks different from what everyone else is doing you have a good chance of standing out with a social media crowd.

Marketing

If you get an audience behind you it becomes so much easier for you to gravitate towards success. You have a much better time marketing your Cafe franchise business when you have the help of …

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