Barnett & Turner Accountants Ltd | Financial Planning
Chartered Accountants & Chartered Tax Advisers based in Mansfield, Nottinghamshire
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Financial Planning

14 Nov Build up your funds for future generations

Barnett & Turner partner Jonathan Wilson considers how life insurance can become an investment. For a number of years, we have had the option of using what are called “Whole of Life” insurance policies to help to fund potential inheritance tax (IHT) liabilities. Put simply, these policies are a form of insurance where annual premiums are paid in return for a guaranteed payment on death. They are structured in such a way that the proceeds do not form part of the deceased’s estate and therefore escape IHT. In reality, this means the IHT liability is potentially reduced to the total cost of the...

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17 Oct Have you DONE enough to get a full state pension? 

Tracy Henson of accountancy firm Barnett & Turner does the sums. We all joke that by the time we reach retirement age, the state pension won’t be worth having. But let’s not give up on it just yet.  I’m still looking forward to getting my own pension and I know what I should get, but do you?  And do you know how to make your position better if you find that you haven’t already done enough to qualify for the full amount? Whether, and to what extent, you qualify for a state pension is determined by reference to your work history or,...

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05 Sep Making sure a break-up doesn’t break the bank

Divorce can be very painful at many levels. That’s why you don’t want the additional burden of being unnecessarily penalised by Capital Gains Tax (CGT), writes Jonathan Wilson of accountancy firm Barnett & Turner.  During the emotional upheaval of a divorce, tax considerations are generally the last thing on your mind.  By taking advice early in the process though, you may be able to avoid unnecessary tax liabilities. The general rule is that a married couple (or civil partners), who are living together, can transfer assets between each other without paying capital gains tax, until the end of the tax year following...

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04 Aug Island life beckons if you’re an entrepreneur or investor…

Are you a non-EU resident? If so, it may be that you haven’t previously considered the option of moving to the Isle of Man. PHAEDRA BIRD of Barnett & Turner’s Associates, Crowe Clarke Whitehill reveals the ‘Enterprise Isle’ initiatives that are designed to boost inward investment. Have you ever considered becoming a resident in the Isle of Man? New tax incentives and changes in financial regulation certainly make it an attractive option. But what practicalities are involved? There are two types of residence visas you can potentially obtain from outside the EU. The first is the Tier 1 Entrepreneur Visa, which you can...

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20 Dec Four ways married couples and civil partners can reduce their tax burden

David Wilson of Barnett & Turner mentions four ways married couples and civil partners can reduce their tax burden If you’re married or have entered into a civil partnership, you certainly benefit from tax breaks that other people can’t claim. In this short discussion of family tax planning, we’ll use the word ‘spouse’ as a generic to cover husbands, wives and civil partners. Essentially you are looking to make sure that you use all available exemptions and allowances and – where appropriate have income or capital gains in the hands of a spouse, where it may be taxed at the lowest...

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06 Dec Why the year-end chat should start well in advance

Jono Wilson of accountancy firm Barnett & Turner always aims to be proactive in the advice given to clients. That way tax planning becomes so much easier. An important part of my job is to ensure that clients are informed of the tax efficient planning opportunities available to them in advance of the year end date in order to allow them sufficient time to assess each of the options available to them and decide whether these opportunities are right for them. In order to provide clients with enough time to make informed decisions in relation tax planning, these conversations need to...

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27 Oct Some great ideas to help your grandchildren

There are a number of steps grandparents can take to help their grandchildren financially, argues Jonathan Wilson of Barnett & Turner. In fact, they may be in a stronger position in this respect than the kids’ parents. Everyone wants to do the very best they can for their children. It may be, however, that grandparents are in the strongest position to help when it comes to finances. Some of the basic options are really simple. Every individual can make a £3,000 gift each year, free from inheritance tax, for instance. This won’t form part of the sums considered for the seven-year exclusion...

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13 Sep Invest some time to understand tax changes

Jono Wilson of Barnett & Turner Chartered Accountants and Chartered Tax Advisers examines recent changes to the treatment of investment income. “I have investment income. I am aware things have changed. I am just not sure what has changed and how it affects me…” Tax legislation is increasingly complex and features many ‘moving targets’, so here is a brief summary of recent changes which may affect you. Some of these points may be things that are worth discussing with your tax advisor: Dividend Allowance From 6 April 2016, the first £5,000 of your annual dividend income is tax free. This allowance applies irrespective...

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02 Aug It’s just a student loan, right?

In fact, there are two types of undergraduate loan, explains Natalie Goodall, payroll manager at Barnett & Turner. And from 2019, postgraduates may be paying back debts of their own. It’s potentially a recipe for confusion. Most of us are familiar with the basic idea of student loans. You borrow money at the outset of your degree course and start repaying it when you’re working, once your income exceeds a certain level. The outstanding sum will get written off eventually if it’s not repaid within 30 years. The system up until now has been relatively straightforward for employers on the administrative side,...

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08 Dec Pensions come into their own

If you’re a business owner who’s ignored pension provision until now, the new regime should make you sit up and take notice, argues David Wilson of accountancy firm Barnett & Turner. In the past, it’s been hard to persuade some small business owners to take pensions and related guidance particularly seriously. Many may have had other investments and will have been relying on them to produce a suitable income in retirement. The restrictions in the pension rules and what you were able to draw down was certainly a psychological obstacle for a number of people. Since the change in the regulations earlier...

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