Inflationary gains and the CGT trap
The current capital gains tax rules do not provide any relief for inflationary gains. This can mean that when an investment property or second home …
Boost your income by letting out your spare room
As the cost-of-living crisis continues to bite, the idea of earning tax-free income is appealing. If you have a spare room, you can make this …
Splitting a company – Tax efficiently
Most private companies start as sole owner-managers; roll on a few years and some will have grown such that family members may also work for …
Work clothes – Can they be claimed against tax?
Whether a claim for the cost of work clothes is tax deductible is covered by the general rule for deduction of any expenses incurred by …
Incidental overnight expenses – A little known tax break
Expenses incurred by an employee on behalf of a company can only be reimbursed under the ‘wholly, exclusively and necessarily’ rules for work undertaken ‘in …
Understanding your tax code
Tax codes are fundamental to the operation of PAYE. If your tax code is correct, you should pay the right amount of tax on your …
Making use of your inheritance tax allowances
It is often said that inheritance tax (IHT) is a voluntary tax, and one that can be avoided if you give away sufficient assets at …
Dispose of assets before 6 April 2024 to take advantage of the higher annual exempt amount
Individuals making capital disposals do not pay capital gains tax if their net gains for the tax year (chargeable gains less allowable losses for the …
Check your National Insurance record
Paying National Insurance contributions allows individuals to earn qualifying years, which in turn provides them with entitlement to the state pension and certain contributory benefits. …
Selling online – When do you need to tell HMRC?
Earlier in the year, it was erroneously reported in the press that new tax rules were coming into force which would mean that anyone selling …
Repairs and improvements – What is the difference and why does it matter?
Work may be undertaken on a property to repair it or to improve it, and it will not always be clear where the dividing line …
Avoid the temptation to make speculative SDLT claims
Not all property is equal when it comes to stamp duty land tax (SDLT). Higher rates apply to residential properties than to non-residential properties, with …
