Blog

A £ 232 visit from the tooth Fairy?...

It’s not often that dentistry makes international headlines. But news that doctors in India removed a whopping 232 teeth from a 17-year-old boy’s lower jaw went viral a few weeks ago.

The BBC, Fox News and the Telegraph were among the many media outlets to pick up on the story and turn Ashik Gavai’s mouth into an instant celebrity.

This story was a big talking point at wood and disney towers and the conversation quickly turned to how much Ashik’s teeth would cost the tooth fairy. A quick survey of the office found that the average pay out from the tooth fairy is still the traditional £1.

Unfortunately, a dentist’s tax return is unlikely to be as simple as the tooth fairy’s. Luckily, we’re on hand to explain the basics of the tax system for dentists.

 

Retirement Strategies and rising Stress Levels...

Retirement is pitched as stress-free, with couples spending much-anticipated time with each other. However, research has found that half of Japanese women suffer from emotional problems when their husband retires. 

'Retired husband syndrome' is characterised by increased levels of stress, depression and insomnia. What’s more, the condition gets worse with every year spent in retirement, leading to some very stressed out retirees.

The research, which was conducted by the University of Padova in Italy, found that reduced income and more housework were the biggest causes of stress.

Although retirement is, unfortunately, unlikely to be picture perfect, careful financial planning can help you make it as stress free as possible.

 

Estate planning for all...

Bill and Hillary Clinton have recently come under scrutiny in the USA for using trusts to limit the amount of estate tax they will have to pay, despite Hillary publicly supporting the tax.Although US inheritance laws differ considerably to the UK, planning how you will pass on your wealth is important, no matter where you live. And it’s not just the super-rich and famous that need to prepare. Rising house prices mean that the number of people with estates worth more than £325,000 – the threshold at which inheritance tax (IHT) becomes payable – is increasing. Research by the Sunday Telegraph found that the number of estates liable to pay IHT will increase by 35% this year to 35,600. The newspaper estimates that over the next 5 years, 236,000 estates will exceed the £325,000 nil-rate band.

Intestacy Rules are changing - are yoy ready?...

Intestacy law – the rules that govern what happens if you die without a will – is changing. On 1 October 2014 the Inheritance and Trustees’ Powers Act will come into force, making several changes to where your money goes if you die intestate.

The rules can get a little complex but we’ve put together a quick guide to help you understand the major changes that’ll be introduced on 1 October 2014.

…married or in a civil partnership with children

Under current rules, the spouse receives:

  • the deceased’s personal belongings
  • a fixed legacy sum of £250,000
  • a life interest in half of what’s left (this is an interest in only the income – when the spouse dies the capital will pass on to the children).

Children inherit half of what's left when they turn 18 and the other half when the spouse dies.

From the 1 October, the legacy sum will no longer be fixed and will increase every 5 years in line with the Consumer Prices Index rate of inflation. The spouse will also receive interest in half of the remaining capital, not just the income.

The Wood and Disney App...

Wood and Disney is an office of App lovers. Apps make it easy to check train times, get directions and, erm, play games without using the internet. With more than 100 billion Apps downloaded globally in 2013, we know we're not the only ones.