As long as certain conditions are met, it is possible to change a will after death. This is known as a post-death variation, and it can be a useful tax planning tool. A post-death variation can be made to: reduce the amount of tax payableto change who benefits under the willplace the assets of the…
The best way to ensure that your estate is passed on in accordance with your wishes is to make a will. However, even with the best of intentions, it may happen that someone dies without making a will, particularly where the death was sudden and unexpected. Where there is no will, the estate is divided…
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WAGES PAID TO FAMILY MEMBERS: To reduce profits, consider employing members of your family who are not currently employed. They can use their unused personal allowance to cover the wages that you pay them. You can claim their wages against your profits. You must, pay them a competitive market rate for their services and only pay for the hours that they work for you. National Minimum Wage rules also need to be applied.
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