Blog
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Q. I am thinking of selling a property that I have owned and rented out for the last ten years, and once it is sold, I will reinvest the proceeds in another property. Will I have to pay capital gai...
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Q. Can I give my house to my children and continue to live in it and avoid inheritance tax?
A. It may be possible if you pay a full market rent for your home, but if you do this, then your...
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Transferring your share of property income to your spouse or civil partner
There is an unfounded belief that couples are taxed on rental income received based on their percentage holding of the...
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Rent a room scheme
Although Budget 2017 announced that the Government intends to review the rent-a-room scheme, it currently remains a tax-efficient way of letting out a spare r...
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Property - IHT: main residence nil-rate band
From April 2017, each individual spouse or civil partner will be offered a residence nil rate band (RNRB), which is designed to help pass on a ...
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SDLT on second homes
Stamp Duty Land Tax (SDLT) is payable on the purchase of residential property in increasing portions of the property price above £125000.
Current rates of ...
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Q. My wife has a part time job but doesn't earn enough to pay tax. Can she get tax relief on contributions made to a pension scheme?
A. Yes, even if you are not earning enough to...
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VAT Flat rate scheme: changes have taken effect
The VAT flat rate scheme (FRS) is used by many small businesses to help simplify their VAT reporting obligations. Businesses could often gai...
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State Pension: Is the state pension lump sum taxable?
The lump sum is taxed as income. In simple terms, the rate of tax that applies to the lump sum will be the highest rate that applies to you...
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State Pension: Paying voluntary NICs
There are various reasons as to why gaps may arise in an individual's national insurance contributions (NIC) record eg.because that person has been on l...
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State Pension: New state pension and contracted-out NICs
Most people will be aware that the state retirement pension system has changed for people who reach state pension age on or after 6 Apri...
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CGT annual exemption: use it or lose it!
Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling various types of asset...
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Taxable income - Switching to the cash basis
Many small, unincorporated businesses choose to use the 'cash basis' for working out taxable income. Under this method, participants w...
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National Insurance contributions
As previously announced, from 6 April 2018 Class 2 contributions will be abolished and Class 4 contributions will be reformed to include a new thresh...
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New tax allowance for property and trading income
Two new income tax allowances of £1,000 each, are to be introduced for trading and property income. These new allowances will take effect...
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