The benefits of a clean break agreement on divorce, even if you have no assets

You may feel overwhelmed with the changes you are facing as you go through a divorce, and quite often going from a household with two incomes to one can be a struggle.  If you do not own a house or have other assets, it can be tempting to cut costs and ignore seeking advice from a solicitor in relation to a financial agreement.  Iain Cutts family law expert at Ware & Kay explains why this could be a costly mistake. 

Splitting up on good terms

  If you have decided to end your marriage, dissolve your civil partnership, or separate from the person you live with, our experienced family law team at Ware & Kay can help. Separating couples can find it difficult agree about how joint property such as their home and finances are to be divided. Agreeing arrangements for children is often another area of contention, as emotions run high. However, not all relationships have to end acrimoniously. The process of Collaborative law, provides an alternative way for couples to reach an agreement about their finances and arrangements for children on separation. Using the collaborative process is often quicker than going to court. Under the collaborative process each person and their solicitor attend a series of meetings. Other professionals such as accountants, pension experts and financial advisors can be…

Tax planning for your inheritance

Planning how to deal with your assets in a tax efficient manner is an important but potentially complex task. An increasing number of estates will be liable to inheritance tax (IHT) on death, so it is vital to consider how your will can be drafted to reduce the amount of tax that will be taken from your estate after you die, freeing up more money for your loved ones. You can also consider whether to make gifts during your lifetime to minimise your IHT liability but this raises other tax considerations. Sian Foster, wills, trusts and estate planning solicitor with Ware & Kay (with offices in York, Wetherby & Malton), explains what you need to think about when planning for your inheritance if you wish to minimise your tax bill. Why should I think about…

The Tenant Fees Act 2019: what it means for landlords

From 1 June 2019 landlords and lettings agents are no longer able to require tenants to pay certain fees in relation to assured shorthold tenancy agreements, students lets or licences to occupy private residential housing. The Tenant Fees Act 2019 has introduced fundamental changes which ban all payments from a tenant unless they are expressly permitted. The Act applies to all new agreements entered into after 1 June 2019. For agreements entered into before 1 June, landlords will still be able to charge the fees and payments until 31 May 2020 but after that date the ban will apply. A landlord who fails to get it right now could face a financial penalty of £5,000 and may face criminal prosecution. Landlords need to take advice on the changes and ensure that tenancy agreements are compliant with the…

Changes in employment law and Brexit

Brexit has dominated the agenda and so, when it comes to introducing new employment law, April 2019 is unusually quiet compared to previous years. However, as Gillian Reid, employment law expert with Ware & Kay in York & Wetherby explains, the government has found time for a few changes. Gill also outlines the anticipated effect of Brexit on UK employment law and the implications for EU workers in the UK. April 2019 changes Employers need to be ready for changes which are expected to come into effect from the following dates: 1 April 2019 increase in the national living wage for workers aged 25 and over from £7.83 to £8.21 per hour; increase in the national minimum wage for workers aged at least 21 but under 25 from £7.38 to £7.70 per hour; increase in…

Is your Will as tax efficient as it can be?

Nobody likes to pay any more tax than is necessary. We can help you to ensure your Will is as tax efficient as possible. Inheritance Tax (IHT) IHT is charged on your death at 40% on the value of your assets which exceed your tax allowances. Individuals currently have a nil rate band (NRB) allowance (of £325,000. In April 2017, an additional allowance was made available if your family home is left to your Direct Descendants. This additional allowance is called the residence nil rate band (RNRB) Rate of RNRB The RNRB is currently worth an extra £150,000 and it will be increased to £175,000 from 6th April 2020. It is not available for estates of over £2.2 million. However any unused RNRB can be carried forward for use in the estate of a surviving spouse…

Preparing for diversification and avoiding disputes in the future

Not surprisingly, there are various legal issues that need to be considered by landowners before embarking upon your diversification scheme. Johanne Spittle FALA and head of litigation at Ware & Kay solicitors explains that top of your list should be checking whether there are any restrictions that might limit possible use of your land and access to it.  Access It is common for farms and agricultural land to be accessed along private roads or tracks. If use of this road is required for the diversification project, for example to access the proposed farm shop or your commercial development, it will be necessary to establish ownership of the road or rights granted over it at the outset. If access is required over a road or track that is owned by a neighbouring landowner and over which you…

Avoiding pitfalls of unregistered land

More than 85 per cent of land in England and Wales is now registered with HM Land Registry; however large swathes of rural farmland remain unregistered. Land is often farmed by the same family for years and therefore no ‘trigger event’ arises which would require first registration. Our Residential Property experts at Pearsons & Ward Solicitors in Malton explain when it is compulsory to register unregistered land and outlines the benefits and the pitfalls for those who do not. When you should register All land or property must be registered with HM Land Registry if you have: purchased it; been given land or property as a gift; inherited any land or property; leased it for more than seven years; received it in exchange for other property or land; or had it mortgaged. Farmers should…

Preparing for diversification and avoiding disputes in the future

Not surprisingly, there are various legal issues that need to be considered by landowners before embarking upon your diversification scheme. Johanne Spittle FALA and head of litigation at Ware & Kay solicitors explains that top of your list should be checking whether there are any restrictions that might limit possible use of your land and access to it. Access It is common for farms and agricultural land to be accessed along private roads or tracks. If use of this road is required for the diversification project, for example to access the proposed farm shop or your commercial development, it will be necessary to establish ownership of the road or rights granted over it at the outset. If access is required over a road or track that is owned by a neighbouring landowner and over which you…

Protecting your farm with a Will

The family farm usually represents a lifetime’s work of those currently running it and even those before them. Making sure that the farm is trading well and structured properly to take advantage of any agricultural and business inheritance tax reliefs available ready to be passed down to future generations is a key concern for many farmers. However, unless you have left a valid Will, the delicate balance of ensuring that all your loved ones are cared for after you are gone, while still guaranteeing the continued well-being of the farm, could be put in jeopardy. Laura Carter, Wills and Probate Solicitor and agricultural law specialist at Pearsons & Ward Solicitors in Malton explains why it is essential for every farmer to have a Will to ensure their farming business continues to flourish for future generations…