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Monthly Tax Q&A
What is the best way to secure relief as soon as possible
Q. I made an investment into a promising fledgling company several years ago. Due to Covid-19, the company has struggled over the last 12 months
What is the Capital Gains Tax on Selling First vs. Owning Second Property?
Q.2 What is the Capital Gains Tax Position Upon Selling a First Property While Owning a Second? If I buy a second property with a
What is the Most Current C Form for IHT?
Q. I See that One of the Inheritance Tax (IHT) Forms has been Amended – the C4 for Correcting Information Previously Submitted. I’m Getting a
What makes interest payments to a family member allowable for tax purposes?
Q. What makes interest payments to a family member allowable for tax purposes? A. I’ve borrowed £200,000 from my wife to buy a business and
What Tax Relief Can I Get for £30,000 SEIS Investment?
Q: I’m interested in investing in a startup and I’ve heard about the Seed Enterprise Investment Scheme. I’m considering investing £30,000 in a company that qualifies
What to Show on Invoices for Café Business if VAT Number Delayed?
Q. I have Applied to Register my Café Business for VAT from 1 July, but the VAT Number hasn’t Arrived. What Should I Show on
What Travel Expenses Can I Claim?
Q.I am the Sole Director of a Company and My Office is Based at Home. For Historical Reasons Many of My Clients are Based in
When do I need to pay tax on savings interest from a closed account?
Q When do I need to pay tax on savings interest from a closed account? A. I opened a Nationwide Building Society account in November
When Do I Register for VAT After Exceeding the Turnover Threshold?
Q: The turnover of my business has been no higher than £68,000 over a 12-month period since we started but has now risen to £91,000. It
When Should I Transfer My Main Residence to My Children?
Q.1 When should I transfer my main residence to my children? For inheritance tax (IHT) purposes, all other things being equal, is it better to
Why Am I Paying Tax on My Pension for the First Time?
Q: For the first time in my life, I am paying tax on my pension. It is not a huge amount, but I am wondering
Why Different Tax Treatment for Home vs Workplace EV Charging?
Q. In June 2023, You said that it wasn’t Free of Tax if the Employer Reimbursed an Employee When Recharging their Electric Car from Home
Why Hasn’t HMRC Repaid Full SMP Amount for Maternity Leave?
Q. An Employee has been on Maternity Leave for Several Months and as a Small Company I have Reclaimed the Statutory Maternity Pay (SMP), but
Will Buying a House in Scotland Affect My Tax Residency?
Q. I’m a resident in England but I’m buying a house in Scotland and will be splitting my time between the two – both in terms
Will HMRC treat my daughter’s online retail jewellery income as my income if payments go into my account?
Q. Will HMRC treat my daughter’s online retail jewellery income as my income if payments go into my account? A. My 16 year old daughter
Will I Be Liable for Capital Gains Tax on a Property Gift to My Daughter?
Q.1 Owning then gifting 50% of a property to a family member I own a 50% share of my daughter’s home, a onebed flat. She
Will I be Taxed on Gain from Selling Property with a Business and Rented Room?
Q. I let Out a Room in My Home to a Lodger, and I also Run my self-employed Business from another Room in the Same
Will I Incur Additional Taxes on My Property in Budapest?
Q.1 Will I Need to Pay any Further Taxes on my Property in Budapest? I have a rental property in Budapest, and local taxes have
Will I Pay Capital Gains Tax When Selling My Home After 15 Years of Renting?
Q.4 Will I have to pay capital gains tax when I sell my home? I have rented out my house for 15 years. I’m planning
Will I Pay Tax on Rent-a-Room and Investment Income?
Q.3 Rent-a room and investment income: Will I be subject to any tax? If I earn more than £7,500 from rent-a-room but the excess of