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How are you planning to cover the impending increase in costs for education?

With the election fast approaching, and all parties issuing their manifesto pledges, its seems that Labour are tipping the polls in figures issued on the 13 June by the BBC with a whopping 42% with Conservatives down 22%.

What happens if Labour implements VAT on school fees?

Labour’s plan includes imposing a standard rate VAT on private school fees. This change would notably increase the cost of tuition, accommodations, and transportation. It’s important for parents and guardians to understand the full scope of these potential increases.

Can pre-payment avoid upcoming fee increases?

Some schools suggest paying fees in advance to avoid potential tax additions. However, there are hints that HMRC might introduce measures to prevent such strategies, which they view as avoidance tactics.

Strategic asset management for educational funding

Many families use income-generating assets to support educational expenses. Placing these assets into a trust could be a wise strategy. This approach not only helps fund education but may also offer tax benefits concerning income, inheritance, and capital gains taxes, aiding both grandparents and future heirs.

Consult with BK Plus Tax Experts

Don’t wait until the changes take effect. Preparing now ensures you can manage these shifts effectively. Contact a BK Plus Tax Partner to discuss how these potential changes could affect you and explore your options.

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