Inheritance tax (IHT) is starting to be more of a concern to many people. Most estates (the assets you leave when you die) are still not charged with inheritance tax, as the total value is not high enough, but more estates are being dragged into the IHT net because of property prices. However, with sensible planning a lot can be done to mitigate the effects of IHT.

If you have a CIS registered limited company, obtaining gross payment status will allow you to be paid a gross amount rather than being taxed at 20% (CIS registered) or 30% (non-CIS registered).

Although the amount of tax ultimately paid on profits will be the same if you obtain CIS gross payment status, improvements in cashflow and reductions in the cost of credit, such as overdraft interest, should easily make the application process worthwhile.

What is a Personal Tax Account? How do I get one? What can I do with it?