To introduce you to our eclectic mix of tax team members, we will interrogate members of the AG tax team each month.
This month it is the turn of Tina Hall, a tax manager working out of our Chard office.
Q. How’s life in the new Chard office, Tina?
A. “The new office is great, it’s bright, open plan with plenty of space and car parking right outside, which is going down well with both staff and cleints“
Q. One of your specialist tax subjects is inheritance tax planning – can you tell us a little about the new residence nil-rate band?
A. “The new allowance is being phased in from the current tax year starting at £100,000 and gradually increasing to £175,000 in 2020 / 2021.
It is available in addition to the nil-rate band of £325,000, provided the family home is left to direct descendants. It can also apply if a person has downsized and assets of an equivalent value are again left to direct descendants. This additional allowance is transferable between spouses if not used in full on the first death, but it starts to be tapered if the value of a person’s estate is over £2 million”
Q. According to Wikipedia, Chard is a leafy green vegetable used in Mediterranean cooking! Can you tell us about a local delicacy in Chard?
A. “I think that this has to be cider from one of the many talented local producers“
Good to know, I’ll add a Chard cider tour to my wish list!
Q. Inheritance tax receipts are on the rise, how would you advise clients to approach lifetime giving?
A. “I would encourage people to make use of the £3,000 annual exemption. As for further gifts, it is imperative that people take full account of their own needs along with possible future needs, before giving assets away. Consideration of other taxes, such as capital gains tax is vital, therefore professional advice is critical before making any larger gifts.“
Thank you, Tina, for your estate planning wisdom.
Next up is Taunton’s very own ATT student, Tanya May.
Q. Tanya, you are in the first chapter of your tax career, what led you to this world?
A. “I wanted to be an accountant since both my Grandma and Aunty worked within this sector. From a young age I would sit with my Grandma and help write up the ledgers. Following my A-levels, I qualified as an accounting technician and at this time I started to become involved in tax related issues. This is when I knew where I wanted my career path to go”
Q. You are renowned in AG for your multi-coloured hair tips, what colour are you rocking currently and what’s next?
A. “Ha! Currently, it’s a jade-green colour, but next I am thinking of plum-purple!”
Q. Those contemplating their choices after A-levels may see tax as a boring career choice. What excites you the most about your working day?
A. “I don’t think it is boring at all! I never know what tax issue is going to arise when I start a piece of work. Sometimes my day can be straightforward but most days I am learning something new. I would definitely recommend tax as a career choice.
Q. You grew up in the world of accessible and fast developing technology, do the changes to the profession of taxation scare or excite you?
A. “I am scared I’m not going to have any holiday in 2020 when the MTD obligations are due to start! Whilst I think it is a good idea that there will be more data readily available to us as advisors and to our clients, I do have concerns over the level of accuracy and the reliability of HMRC’s systems. Once it is established, any initial concerns people in the profession may have are likely to be long forgotten.”
Q. Those of us in the team know your love of cats and cake making, what other passions do you have?
A. “The office also loves my passion for baking! Another thing it get from my Grandma, as well as my love of chocolate! I feel like I am a bit of a contradiction in that I can be a girly girl spending a fortune on make-up, but I have recently started getting muddy at the weekends with my mountain bike!”
Well, I will look out for a mud-coated Tanya at Haldon Forest next time I am there! Let’s hope a few more Tanya’s join the team in the future.