If a residence is transferred between spouses or between civil partners, the period of ownership of the transferee begins at the start of the period of ownership of the transferor. If a residence is transferred between spouses or between civil partners, who are living together, whether...
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. From 6 April 2020, lettings relief – a valuable capital gains tax relief which is available where a property which has...
Tax credits – do I have to tell HMRC if my circumstances change? Tax credits are benefit payments that are paid to people in work who are on a low income or have children. There are two tax credits – working tax credit (for those working...
Check your tax calculation Each year HMRC undertake a PAYE reconciliation for employed individuals who are not required to submit a tax return to check that the correct amount of tax has been paid. Where it has not, HMRC will send out either a P800 tax...
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 are not lost, it is beneficial to consider the combined position, rather than dealing with each individual separately. Married couples and civil partners benefit from...
“[The introduction of independent taxation between spouses was] bound to mean that some couples would transfer assets between themselves so that their total tax will reduce; this was an inevitable and acceptable consequence of taxing husbands and wives separately“. Taking this statement from the Chancellor of...
Tax-free mobile phone Mobile phones are ubiquitous – they are also subject to a tax exemption which enables employees to enjoy a mobile phone provided by their employer without suffering a benefit in kind tax charge. However, as with all exemptions there are conditions to be...
On the face of it, it’s puzzling that there are any tax implications when one simply borrows money from a limited company. A loan, after all, isn’t income and, therefore, shouldn’t be subject to income tax; and it doesn’t consist of the proceeds of disposing...
Overpaid tax? How to claim it back? There are various reasons why you may have paid more tax than you needed to for a tax year. For example, if you only worked at the start of the year, you may not have received all of your personal allowance. Alternatively,...
Inheritance tax – making tax-free gifts There are various exemptions, and potential exemptions, which make it possible to make gifts free of inheritance tax. Making tax-free gifts is a useful way to reduce the value of your estate – and ultimately the inheritance tax that may be payable on gifts. What counts...