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Reminder: residence nil-rate band from April

The residence nil-rate band, also referred to as the ‘family home allowance’, will come into effect from 6 April 2017.

The allowance is an addition to the £325,000 nil-rate band for inheritance tax and will apply to those passing on a home to a direct descendent.

The band begins at £100,000 for 2017/18 and will increase by £25,000 each tax year until it reaches £175,000 in 2020/21.

Tax year Residence nil-rate band Individuals: maximum nil-rate band Married couples and civil partners: maximum nil-rate band
2017/18 £100,000 £425,000 £850,000
2018/19 £125,000 £450,000 £900,000
2019/20 £150,000 £475,000 £950,000
2020/21 £175,000 £500,000

£1,000,000

Married couples or those in a civil partnership can pass on any used allowance to their spouse or partner.

The band will only apply if you pass on a property to a direct descendent such as a child, grandchild or other lineal descendent.

The band is also limited to just a single property so if you own one residential property and have also lived in it, it can be eligible for the allowance.

Contact us today to discuss the residence nil-rate band.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 0500 234111 / 01442 275767 or email heather@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.