Deferring Capital Gains Tax on A Business Asset
The potential to be charged capital gains tax (CGT) arises with the sale or gift of an asset. Deferral of the charge is possible with
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Enjoy £7,500 of Tax-Free Income Under the Rent-A-Room Scheme
If you have a spare room in your home, you may consider letting it out to raise some much-needed cash to help meet rising living
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Business Use of Home – Beware the Lower CGT Annual Exempt Amount
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.
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Tax Relief for Unpaid Rent
As the cost-of-living crisis bites, landlords may find that tenants struggle to pay their rent. Where this is the case, the relief that is available
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Preserving the Personal Allowance
The personal allowance is set at £12,570 for 2023/24. However, not everyone is able to benefit from the personal allowance. A taper applies which gradually
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Giving Away Money Free of IHT
Most people do not want to give money to the taxman when they die. However, while it is said that inheritance tax (IHT) is a
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Beware the New VAT Late Submission Penalties
A new penalty regime was introduced for VAT from 1 January 2023. The new regime comprises late submission penalties and late payment penalties. Here we
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Have You Declared Your Dividends Correctly?
Dividends are a popular and tax-efficient way to extract profits from a personal or family company once a small salary has been paid. However, the
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Utilise The Deduction For Paid and Reimbursed Expenses
Employees often need to incur expenses when undertaking their jobs. The nature of the expense may vary depending on the job, but typical expenses include
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Tax Consequences of Dissolving a Partnership
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
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