Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule
Capital allowances are the tax equivalent of depreciation, and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception
Not putting a property in joint names prior to selling is an easily avoided mistake – read our blog to see if this would benefit you.
Potential benefits of putting a property into joint names prior to sale Where a property qualifies in full for private residence relief, it is perhaps
Landlords – you must file your self-assessment tax return by 31 January 2020 to avoid a late filing penalty. Here’s what you need to know:
The self-assessment deadline is looming. Self-assessment tax returns for the year to 5 April 2019 must be filed online by 31 January 2020 if a
Be careful when borrowing money from your company as a director – you might fall foul of the ‘bed and breakfasting’ scenario
Directors’ loans – Beware of ‘bed and breakfasting’ It can make sense financially for directors of personal and family companies to borrow money from the
The last thing you want for Christmas is an inheritance tax liability! Read this blog to make sure you don’t get caught.
Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax
If you’ve read anything about property and tax, you’ll probably have heard the terms ‘nominating your main residence’ and ‘flipping’. This blog takes you exactly what these terms mean and how and when they apply.
Private residence relief shelters a gain on the sale of a residence from capital gains tax while the property has been the owner’s only or
Wondering whether to use dividends or a salary? Read this blog to find out why dividends are more cost-effective.
Director’s salary or bonus? Given current tax rates, paying a dividend rather than a salary will often be a more cost-effective way of withdrawing profits
Even if your business hasn’t reached the £85,000 turnover threshold, there are some benefits to registering for VAT early.
VAT registration – sooner or later? Once a business is up and running, the next major administrative area to be faced often concerns the subject
When is a car a pool car? Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and
VAT refunds for DIY builders If you build your own house or convert an existing property into a home, you may be eligible to apply
Today’s blog covers the serious curtailment to letting relief for landlords coming April 2020 – read more here.
Curtailment of letting relief Landlords have been hit with a number of tax hikes in recent years, and this trend shows no signs of abating.
Using a SIPP to save for retirement A SIPP is a self-invested personal pension which is set up by an insurance company or specialist SIPP
Closing a business can be a difficult time. Be tax efficient with this beneficial liquidation strategy.
Closing a business – when a member’s voluntary liquidation is beneficial Although it is possible to strike off a company and for distributions made prior
Today’s blog explains how Britain’s most hated tax – inheritance tax – works for married couples and civil partners.
Inheritance tax and spouses and civil partners Special rules apply for inheritance tax purposes to married couples and civil partners. To ensure valuable tax reliefs
Make sure to share this article with anyone you know who runs a family business – so they can take advantage of the many ways to lower their tax bill!
Optimising tax-free benefits in family companies Making use of statutory exemptions for certain benefits-in-kind offers an opportunity to extract funds from a family company without
Timing dividends right could help save tax Timing the date of a dividend payment from a company can determine both the amount and the due
A quick summary of the new tax bands for CO2 car emissions which will be introduced from April next year:
Are low emissions cars tax efficient? Significant changes are being made from 2020-21 to the company car tax benefits-in-kind bands affecting ultra-low emission vehicles (ULEVs).