AMIFA Blog

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If you're thinking of writing your will (or re-writing it) now is the perfect time to do it as AMIFA is offering wills for just £50 for a limited time! If you are married or have a partner we can do a pair of mirror wills  for just £100.


This offer is valid until 31st October 2017 and applies to appointments at our office or telephone consultations.


Price and discount applies to standard wills only. Additional work for trusts etc will be chargeable in addition.


All wills are prepared and drafted by members of Society of Trust and Estate Practitioners (STEP) so you can be assured of the most up to date and legal will.


AMIFA Limited is a representative of The Right Will and Estate Planning Ltd.

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Are You a Company Director With Life Cover?


Are you currently paying for personal life cover? If the answer is yes, the chances are you'll be paying for it out of post taxed income.This no longer needs to be the case. With a Relevant Life Plan, you can now place the cost of life insurance through your company as a legitimate expense.

You'll benefit from 20% corporation tax relief on the premium and there is no P11D benefit alteration. Directors like yourself can now save 100% of your personal life insurance premium by placing this on company expenses. Make sure your company, shareholders and your family are protected in a tax efficient way.

If you would like to know more please get in touch.
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Lasting Power of Attorney and Joint Bank Accounts


There has been much debate recently about whether or not a Power of Attorney is relevant where people own joint bank accounts. There is a general misconception that when one party loses capacity the party who still has capacity can still access the funds.


HOWEVER, THIS IS INCORRECT!


The British Bankers' Association guidance states that when dealing with a joint bank account where one party has lost capacity the bank can decide whether to temporarily restrict the account, unless or until there is Power of Attorney or deputyship in place.


Read more

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Claiming Mortgage Interest Relief on Let Properties - Are You Doing It Right?


Many accountants and landlords I have come across over the years mistakenly believe that any capital they raise by remortgaging their let properties must be spent on the let property in order to offset the interest against their letting income.

This simply isn't the case! 

HMRC guidance states 'If you increase your mortgage loan on your buy-to-let property you can also treat interest on the additional loan as a revenue expense but only up to the capital value of the property when it was brought into your letting business. Interest on any additional borrowing above the capital value of the property when it was brought into your letting business is not tax deductible.'

For example, You purchased a buy-to-let property for £120,000 with a mortgage of £90,000 and let it to a tenant straight away.

3 years later the property is valued at £150,000 and you increase your mortgage on the property to £115,000. All of the interest on the mortgage can still be claimed as a revenue expense as the loan doesn’t exceed the initial £120,000 value of the property when it was introduced to your letting business.


If you increased the mortgage to £125,000, the interest payable on the additional £5,000 is not tax deductible and cannot be claimed as a revenue expense.


The capital raised can be used for any legitimate purpose even if unconnected to the letting business, for example, to pay off some or all the mortgage on your residential home or purchase a car.


If you have a portfolio of mortgaged buy to let properties you could remortgage raising small amounts from each to provide a substantial amount for personal expenditure or additional properties, all helped by the tax man!


Need further advice - get in touch.

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Funeral Plan Prices Dropping!


There seems to be a price war on at the moment with a number of top funeral plan providers dropping their prices by up to £350 but don't delay as it's only until 1st April.

We can now offer funeral plans starting from only £2,050 but our most popular plans with one family limousine starts at £3,375. This can paid in one go or via installments. Get in touch for a personalised quote.

Don't forget all our plans come with a free standard will or £50 cashback.
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How Long Do You Need To Keep Your Tax Documents?


Well the January deadline to file your tax return has passed and I've completed mine for my clients. The onerous task of packing up all the receipts, invoices and other documents and returning them to my clients is all that's left to do.

When I do this I mark on the packaging the date when they can be destroyed so I thought it might be useful to share this with you.

HMRC guidance states that for self-employed business owners this should be for 5 years after the deadline for the tax year involved.

So for the 2015/2016 tax year you need to keep them until 31/01/2022, that's 5 years after the 31/01/2017 filing deadline.

So if you have any records prior to and including 2010/2011 tax year you can consider destroying them. But remember this is just for HMRC requirements - your profession may have further requirements so check first.
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How Do You Store Your Will?


Your Will is an important document and the one you have  signed is the ONLY legally binding will.

 

Scans, photocopies and other representations are not legally valid because they don’t have your original signature on them.

 

If your Will gets damaged by fire, water, mildew, pests etc then it could be declared invalid.

 

You should keep your Will in a secure place, however that place must be easily accessible when the document is needed.

 

If your will is lost or damaged in your lifetime you may not be able to make a new will, for example, if you lose mental capacity.

 

In addition, a charge would be made to make a new will.

 

AMIFA Limited use National Will Safe to protect your Will.

 

The annual cost is £25 taken by direct debit.

 

·        Your documents are stored in waterproof wallets

·        Stored in a specialist document archive

·        Documents are fully insured

·        Documents can be returned to you or AMIFA Limited – free of charge

·        Documents can be returned to Executors when needed – free of charge

·        Documents are scanned and stored electronically acceptable to the courts

·        Documents are recorded on the National Wills Register

·        Plastic identity cards are provided for you and your executors with a telephone number for National Will Safe and a unique reference number.


Please get in touch if you wish to store your wills and other important documents.

        

 

 

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