The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence.
The difficulty in dealing with partnership taxation is that there are no separate rules and those present are not located in one place. What rules
Cryptocurrency is a complicated concept and the following text gives HMRC’s view on the basic rules. Modern cryptocurrencies were first described in 1998 but the
Changing personal circumstances may mean that individuals who were previously taxpayers find that they are now non-taxpayers. If they are in the habit of making
The super-deduction, which allowed companies to claim an immediate deduction of 130% of their qualifying expenditure, came to an end on 31 March 2023. It
Spouses and civil partners enjoy certain tax breaks, including the ability to transfer assets between them at a value that gives rise to neither a
Employees often need to undertake business trips and it is common practice to reimburse the employee’s fuel costs by means of a mileage allowance. The
In his March Budget, the Chancellor announced a number of changes to the pension tax rules, including an increase in the annual allowance and the
If you run your property business from home, you may wish to use simplified expenses to claim relief for associated household costs. You can also
For many years, working out whether tax savings could be achieved by incorporation was relatively straightforward. Once profits reached a particular level, transferring the trade
Regardless of the business structure (for example limited company or sole trader) it is possible to employ family members. This has some obvious advantages including
Properties not let at a commercial rent There may be a number of reasons why a property is occupied rent-free or let out at rent
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
Zero charge for zero emission cars From 6 April 2020, the way in which carbon dioxide emissions for cars are measured is changing – moving
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
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
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 – when a member’s voluntary liquidation is beneficial Although it is possible to strike off a company and for distributions made prior
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
Government childcare scheme – tax-free top-up Working parents can receive a tax-free top up from the Government to help with their childcare costs. The top
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