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INHERITANCE TAX – THE RESIDENCE NIL RATE BAND
Nil Rate Band Each individual is entitled to an Inheritance Tax ‘Nil Rate Band’ (NRB) on their death of £325,000 (the NRB will be frozen at this level until April 2021, after which date it is expected to increase in line with the Consumer Prices Index). If the value...
TAX RETURN DEADLINE
If you are within the self-assessment regime and therefore required to file a Tax Return for 2017/18 then time is running out and to avoid automatic penalties you must file your Return before the end of the month. If H M Revenue and Customs (HMRC) sent you a notice to...
THE LET PROPERTY CAMPAIGN AND UNDECLARED LETTINGS INCOME
In the past few weeks we have heard that HMRC has increased the number of letters they send to residential landlords who have not previously made a full disclosure of their income. They have access to data from an increasing number of sources including letting agents,...
THE AUTUMN BUDGET
Citing the latest economic forecasts from the Office for Budget Responsibility, Mr Hammond revealed that the UK growth forecast has been upgraded from 1.3% to 1.6% for 2019, while public borrowing in 2018/19 is set to be £11.6bn lower than previously forecast at the...
DON’T GET CAUGHT OUT BY SCAMS
As many people are filing their Tax Returns around this time of year, fraudsters can try to take advantage of this by attempting to contact taxpayers asking them to disclose personal information about their tax affairs or bank details etc. One of the most common such...
MAKING TAX DIGITAL – ARE YOU READY?
The changes have already begun. Digital tax accounts for individuals have been created by HMRC. Meanwhile, businesses should be preparing for the introduction of “MTD for VAT” which becomes mandatory with effect from 1 April 2019. There have already been several...
ARE COMPANY CARS A GOOD IDEA?
It is a question we are often asked, mainly from a tax point of view of course, and you will probably not be surprised if I say the answer is generally ‘it depends’! Changes in recent years increasing the taxable benefit rates across the board has meant that the...
RENT A ROOM RELIEF
The rent-a-room scheme was first introduced by the Government in 1992 to encourage individuals to take in lodgers by offering them favourable income tax treatment on the rental income received. Ordinarily, any rental income received by an individual is taxable income...
DON’T GET CAUGHT OUT BY CAPITAL GAINS TAX
Most readers have probably heard of Capital Gains Tax (CGT) but how much do you know about the situations in which CGT is charged? You could be forgiven for thinking that CGT is only payable when you sell an asset which is chargeable to CGT (e.g. a rental property)...
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