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How does investing in an Enterprise Investment Scheme help to reduce Inheritance Tax exposure, now that pensions are going to be included from next April?
From April 2027, inherited pensions will be included when calculating inheritance tax (IHT) bills. Previously, pensions did not form part of an estate for IHT
How Long do I have to Wait for my Company’s Tax Refund?
My company submitted a claim for a tax refund for £15,000 in January, but it still hasn’t materialised. We really need that cash now. I’ve
How Much of My Home Office Repairs Can I Claim as a Business Expense?
Q: How much of my home office repairs can I claim as a business expense? A: I work as a consultant full-time in the NHS.
How Much Tax Relief can I Get for Replacing my Company Asbestos Roof?
My company is about to spend £60,000 on replacing asbestos roofs. Is there any special tax relief I can claim to help with these costs?
How Should I Save and Plan for Tax When Going Freelance?
Q: I’m thinking of going freelance but am unsure of how to account and save for any tax I might have to pay. Can you give
How to Increase Your Tax-Free Personal Allowance
Q: My income is close to hitting the tax-free personal allowance. Is there any way to increase it? A: With the personal allowance threshold remaining frozen,
I can no longer claim tax relief on my expenses when working from home. Is there anything I can do (I’m a basic rate taxpayer)?
The Working From Home (WFH) tax relief scheme was introduced to allow employees who were contractually required to work from home to make a flat
I haven’t even submitted my 2010/11 tax return yet.
I’ve received a tax refund for 2010/11, but I’m worried that it’s not correct as I usually have tax to pay each year. Also I
I’m converting a non-residential property into my new home. I’ve heard that I may be able to use the DIY Housebuilder Scheme but am unsure what it is. Can you explain?
Q: I’m converting a non-residential property into my new home. I’ve heard that I may be able to use the DIY Housebuilder Scheme but am
I’m in receipt of an NHS pension, contribute to a private pension and think I’ve become a higher rate taxpayer. I’ve never done a tax return before – how do I claim the tax relief please?
Q: I’m in receipt of an NHS pension, contribute to a private pension and think I’ve become a higher rate taxpayer. I’ve never done a
I’ve heard that making charitable donations can increase my tax-free Personal Allowance. How does this work, exactly?
At a time when frozen tax thresholds are pulling more people into higher tax bands, people can effectively increase their tax-free Personal Allowance by using
I’ve paid all of my taxes for 2010 tax year. Do I need to resubmit the form?
I’ve received a letter from the Taxman asking for my tax return for the year 5 April 2010 to be submitted. But I submitted that
I’ve received a letter from HMRC stating I have a drop in my tax-free allowance, so my tax code will change from April. My salary has not increased this past tax year, so why the change?
Q: I’ve received a letter from HMRC stating I have a drop in my tax-free allowance, so my tax code will change from April. My
If I Accept Seaside Chalet as a Gift, Will I Have to Pay Tax on it?
My elderly aunt wants to give me a seaside chalet, which she inherited when her mother died in 1985. If I accept this gift will
If I have missed some income off my tax return. what should I do?
I’ve just realised I missed £280 of income off my tax return for 2008/09, which I submitted online in January 2010. What should I do?
Inheritance Tax (IHT) – A Problem with Taper Relief
Making gifts of value during an individual’s lifetime is a tried and trusted way of reducing the exposure to IHT. Many people are aware of
Inheritance Tax Break that Could Lure Expats Back to the UK
Changes introduced by Chancellor Rachel Reeves on April 6 mean Britons who have lived abroad for 10 years are no longer subject to UK inheritance
Inheritance Tax Query? Contact HMRC Now
HMRC used to offer an Inheritance Tax and Probate Helpline. From 02 October 2023, the dedicated helpline is closed. This is all part of HMRC
Is a child’s savings interest taxable on parents if the funds originated from a grandparent’s inheritance?
Q. Is a child’s savings interest taxable on parents if the funds originated from a grandparent’s inheritance? A. My son was left some money by
Is Bank Compensation for Mismanagement of their Account is Taxable?
My bank paid me some compensation due to their mismanagement of my account. Is it taxable? It depends on whether the compensation relates to