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Rustrick Accountants Limited, 3 Greystones Road, Maidstone (2026)

21/08/2026

Many people focus on inheritance tax (IHT) when planning their estate, but there is another potential tax bill that is often overlooked: income tax on investment bonds after death.

Investment bonds are popular, particularly among retirees, because they allow investors to withdraw up to 5% of their original investment each year without an immediate tax charge. However, the tax is not avoided forever, it is usually deferred until the bond is fully or partially cashed in.

Unlike shares or savings accounts, investment bond growth is not normally taxed each year. Instead, any gain is treated as income tax, not capital gains tax, when the bond is surrendered.

This can create a large tax bill because many years of growth may become taxable in a single tax year. For example, someone who has taken regular withdrawals over many years could face a significant taxable gain when the remaining bond is eventually cashed in.

One of the lesser-known rules is that investment bonds are treated as being fully surrendered in the year of death. This means any accumulated gains can become taxable as income on the deceased's final tax return. This can push income into higher tax bands and may reduce the benefit of top slicing relief, potentially creating an unexpected tax bill for the estate!

There are ways to manage the risk, including:
- Gradually surrendering parts of the bond over several years.
- Using the 5% withdrawal allowance strategically.
- Keeping taxable income within lower tax bands where possible.

Investment bonds can be useful financial planning tools, but they require careful tax planning later in life to avoid an unnecessary income tax charge. Thinking about investment bonds or just want to know what the best way to handle them would be? Give the friendly Rustrick Accountants team a call on 01622 738165 for some free, personalized advice!

19/08/2026

From 6 April 2027, new rules mean that most unused pension funds and pension death benefits will come within the scope of inheritance tax (IHT). This could have a significant impact on estate planning and how families pass on wealth.

The new rules only apply where someone dies on or after 6 April 2027. If someone dies before this date, their pension benefits will not be affected, even if they are paid to beneficiaries later.

Currently, most pensions sit outside your estate for IHT purposes. Under the new rules, unused pension funds and certain death benefits will be treated as part of your estate when calculating IHT.

The value included will depend on the type of pension scheme and the benefits available at the date of death. Some benefits will remain excluded, including certain dependent pensions, joint-life annuities and death-in-service benefits.
The personal representatives managing the estate will generally be responsible for reporting and paying any IHT due.

Pension scheme administrators will also play a role by providing information about pension values and how benefits are distributed between beneficiaries. If an IHT liability applies, beneficiaries and personal representatives may be jointly responsible for the tax relating to pension benefits.

The new inheritance tax rules will apply alongside existing income tax rules. The tax treatment of inherited pension benefits will still depend on the age of the person who died:
- If the deceased was under 75, many pension death benefits may remain tax free.
- If the deceased was over 75, inherited pension benefits are generally taxable as income for the beneficiary.

This means some pension benefits could potentially face both inheritance tax and income tax depending on the circumstances.

These changes make pension and estate planning more important than ever. Reviewing your pension arrangements, beneficiary nominations and overall estate strategy before 2027 could help reduce unexpected tax bills for your family! Need some help or not sure where to start? Just give us a call on 01622 738165 today and we can give you a helping hand!

17/08/2026

Not happy with HMRC's service? If you've already complained and haven't reached a resolution, you may be able to escalate your case to the Adjudicator's Office.

The Adjudicator can review complaints about poor service, delays, mistakes or how HMRC has handled your case. However, they'll only investigate if you've completed HMRC's formal complaints process first.

A common problem is that HMRC doesn't always record complaints correctly. If this happens, the Adjudicator may reject your application because it appears you haven't followed the required process.

To avoid delays, always submit complaints in writing and clearly label them as a Tier 1 Complaint or Tier 2 Complaint. Keeping copies of everything you send can also save a lot of time if your case needs escalating.

If you're struggling with an HMRC dispute or complaint, the Rustrick Accountants team can help guide you through the process and ensure your case is handled correctly. Not sure if your complaint is Tier 1 or Tier 2 or just don’t know where to start? Just give us a call on 01622 738165 and we can help you out.

15/08/2026

If your income is above £60,000, you may find that your family's child benefit is reduced or completely withdrawn due to the High Income Child Benefit Charge (HICBC). The good news is there are ways to reduce the charge if you plan ahead.

The HICBC applies when the person receiving child benefit, or their partner, has adjusted net income (ANI) above £60,000. The charge increases gradually, with 1% of child benefit repaid for every £200 of income over £60,000. Once income reaches £80,000, the full amount of child benefit is effectively repaid.

The charge can apply even if the child isn't yours, as long as you live with the child's parent and your income is the higher of the two.

The key is reducing your adjusted net income. For many people, the most effective way to do this is through pension contributions. Increasing pension contributions reduces your taxable income while also building your retirement savings. If you use salary sacrifice, you may also reduce National Insurance costs.

Making Gift Aid donations can also reduce your adjusted net income. While this means giving money away, it can be useful if you already plan to donate to charity.
If you do have to pay the charge, it can be settled through your self-assessment tax return or HMRC's PAYE service if you don't normally file a return.

Planning ahead is key. Monitoring your income throughout the year and making pension contributions before the tax year ends can help you keep more of your child benefit.

Rustrick Accountants can help you plan and decide what would be best for you and your situation, just give us a call on 01622 738165 today and let's chat about it!

13/08/2026

If you run your own company and regularly work from home, you may be wondering whether your company can pay you rent for using part of your home as an office. While this can be a tax-efficient way to extract money from your business, there are some important points to consider before setting up a rental arrangement.

If you personally own your home, your company can pay rent for using part of the property for business purposes. The company can usually claim the rent as a corporation tax deduction, and unlike salary, there is no employer National Insurance cost.

However, the rent you receive is treated as property income and must be declared on your personal tax return. You can usually deduct certain expenses related to the workspace, such as a proportion of utilities, insurance and maintenance costs. However, the extra income could push you into a higher tax bracket or affect allowances such as the High Income Child Benefit Charge.

One of the biggest risks is the impact on Private Residence Relief (PRR) when you eventually sell your home. If a room is used exclusively for business, HMRC may restrict PRR on that part of the property, potentially creating a capital gains tax liability!

To reduce this risk, it's usually better for the room to have some genuine private use rather than being a dedicated office used only for business.

For many owner-managed businesses, reimbursing homeworking costs is a lower-risk option. Your company can pay the tax-free homeworking allowance of £6 per week without needing evidence. Higher amounts may be possible if you can prove additional costs have been incurred. These payments are usually tax and National Insurance free, while the company can still claim corporation tax relief.

Charging your company rent can work well in certain situations, but the long-term tax consequences need to be considered carefully. Wondering what would be best for you and your company?

Give Rustrick Accountants a call on 01622 738165 today and we can let you know!

11/08/2026

If you spend most of your day sitting at a desk, here's some good news: taking short "movement snacks" could make a big difference to your health.

Recent research found that walking for just five minutes every hour can help reduce the negative effects of sitting for long periods. These quick movement breaks can boost your energy, improve your metabolism, and help you feel less tired throughout the day.

The best part? It's easy to build into your workday. Try standing up during phone calls, taking a quick walk every hour, or swapping a meeting room for a walking meeting.

For employers, encouraging regular movement breaks is a simple, low-cost way to support employee wellbeing. Small changes can have a big impact, making people healthier, more productive, and more energised at work.

So next time you've been sitting for a while, grab a quick movement snack your body will thank you!

08/08/2026

If you've already maximised your own pension contributions, you might be wondering whether your limited company can pay into your spouse's pension instead!

The answer is yes; but only if it's structured correctly. If your spouse isn't employed by your company, HMRC will usually treat the pension contribution as extra salary, meaning unnecessary tax and National Insurance could apply.

A more tax-efficient option is to employ your spouse in a genuine role within the business. Your company can then make employer pension contributions on their behalf, which can be a valuable tax-saving strategy. In some cases, transferring a small shareholding to your spouse may also be worth considering, depending on your circumstances.

Every business is different, so it's worth getting advice before making pension contributions. Give Rustrick Accountants a call on 01622738165 today and we can help you find the most tax-efficient approach for you and your family.

06/08/2026

If your business is investing in a new website, software or app, understanding the tax treatment of website and software costs can help you maximize tax relief, improve cash flow and avoid costly mistakes.

The first question is whether the cost is capital or revenue. Capital costs create a long-term business asset and tax relief is usually claimed over time, while revenue costs relate to the day-to-day running of your business and are normally deductible immediately. As a rule of thumb, if the asset is expected to benefit your business for more than two years, HMRC is more likely to view it as capital expenditure.

The tax treatment depends on how the software is acquired:

- Subscription or SaaS software (such as CRMs, accounting software and design
platforms) is usually treated as a revenue expense, allowing immediate tax relief.
- Software purchased outright is often treated as capital if it provides a long-term benefit.

If you're developing your own software, app or platform, development costs such as developer salaries and external development fees are often capital. Ongoing maintenance, bug fixes and routine updates are usually revenue expenses.
Website costs can also be split between capital and revenue.

Capital costs typically include:
- Building a new website
- Developing custom functionality, customer portals or booking systems
- Purchasing a domain name

Revenue costs usually include:
- Website hosting
- Maintenance and support
- Content updates
- Design improvements and minor changes

If your website or software qualifies as an intangible asset, the way tax relief is claimed may differ. In some cases, businesses can choose to claim capital allowances instead, allowing faster tax relief. Businesses developing innovative software may also qualify for R&D tax relief, making it even more important to correctly identify which costs are capital and which are revenue.

The Rustrick Accountants team can help you maximize available tax relief and advise you on how your website or software costs should be treated; just give a call on 01622 738165!

04/08/2026

If you're self-employed, this is one of those things that's easy to overlook, but it could be worth thousands over your retirement.

HMRC has announced that around 800,000 self-employed people may have gaps in their National Insurance (NI) records between 2015 and 2024. The good news? Many of those people will have the chance to fill those gaps by making voluntary Class 2 National Insurance contributions.

Why does it matter? Your State Pension is based on the number of qualifying National Insurance years you've built up.

- You usually need 35 qualifying years to receive the full new State Pension.
- You need at least 10 years to receive anything at all.

If you have missing years, your future pension could be lower than expected.

But why are people missing NI years?

There are a few common reasons:
- You started self-employment but weren't correctly registered for Class 2 National Insurance.
- You paid voluntary contributions after the deadline.
- Your payment was automatically used to cover another tax bill instead.

Many people had no idea this had happened until HMRC began reviewing records!
Even if HMRC contacts you, don't assume you need to pay anything straight away. First, check your State Pension forecast and National Insurance record through your Personal Tax Account. You may already have enough qualifying years, meaning there's no benefit in paying extra.

However, if you're short of the years needed, making voluntary Class 2 contributions can be excellent value and could significantly increase the amount of State Pension you receive over your lifetime.

So, if you're self-employed and haven't checked your State Pension recently, now is a great time to do it! At Rustick Accountants, we can help you understand your National Insurance position, explain what the gaps mean, and help you in the right direction. Just give us a call on 01622 738165 today!

31/07/2026

Buying new equipment can be a big investment for any business, but did you know you may be able to claim tax relief before you've paid the full amount?

Through capital allowances, businesses can often claim tax relief on qualifying equipment purchases. With options such as the Annual Investment Allowance (AIA) and full expensing for companies, many businesses can receive 100% tax relief on eligible plant and machinery.

However, the timing of your purchase and payments matters! If you buy equipment using a hire purchase (HP) agreement, you may be able to claim capital allowances on the full capital cost in the year the equipment is brought into use, even if future
installments are still outstanding.

For example, if your business buys machinery through HP and starts using it before your year end, you may be able to claim relief on the remaining capital payments immediately. The interest element of the HP agreement is normally treated separately as a business expense.

But, if your agreement allows payment more than four months after the purchase becomes unconditional, capital allowances may be delayed until the year the payment is actually made.

This means buying equipment just before your year end could unintentionally delay your tax relief by a full year.

To maximise tax relief:
- Consider using hire purchase if it allows you to bring equipment into use before your year end.
- Check payment terms for large purchases made close to your accounting year end.
- Be aware of the four-month rule when negotiating supplier agreements.

Careful planning can improve your business cash flow and ensure you claim available tax relief as early as possible. Want some help to plan ahead or just want some good advice from the friendly Rustrick Accountants team? Give us a call on 01622 738165 today!

Rustrick Accountants Limited

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