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Accountancy Matters - July 2019

The July edition of our Accountancy Matters newsletter is here! Give it a read for all the latest financial news & advice, plus key dates for your calendar: https://mailchi.mp/6b4552b6da74/accountancy-matters-jun19-612669

MEIF Debt Finance provides Advance Tapes with a £600,000 funding package

MEIF (The Midlands Engine Investment Fund) Debt Finance, managed by Maven Capital Partners, has provided Advance Tapes International Limited, a manufacturer of pressure sensitive adhesive tapes, with a £600,000 loan to support ambitious growth plans. The funding package will support the Leicester company’s ambitious expansion plans, helping it develop its extensive product portfolio and also providing working capital as the firm enters a new growth phase. The loan will also create 20 new jobs in the Leicestershire region. Advance Tapes is an independent manufacturer specialising in the design, creation and sale of pressure sensitive tapes, for which it designs and formulates its own speciali

Shake-up of Inheritance Tax

The “seven-year rule”, a bedrock of UK inheritance tax planning governing gift giving, should be cut to five years to simplify its administration, an independent review ordered by the chancellor has concluded. The recommendation, published in a report on inheritance tax by the Office of Tax Simplification (OTS) on Friday, forms part of a proposed major shake-up of longstanding gifting rules. The proposal is likely to court controversy as it would enable those able to give away large chunks of their assets to substantially reduce their estate’s inheritance tax (IHT). About 5 per cent of estates are liable for IHT, charged at 40 per cent above an individual’s £325,000 threshold. Assets given a

HMRC ramps up tax credit renewal reminders

HMRC has issued a reminder that taxpayers must renew their tax credits by the 31st July, or risk having their payments stop, as part of a concerted campaign to ensure individuals take action. The department has launched a new advertising campaign urging people to meet the time-frame, and highlighting the consequences of missing the end of month deadline. HMRC says failure to renew before 31st July will mean payments are stopped, while in some cases people will have to repay the money they have received since April 2019. Taxpayers will not get a renewal pack until April 2020 if they first claimed tax credits after 6th April 2019. Renewal can be done online. Taxpayers can log into gov.uk to ch

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