Over the last few years there have been numerous changes to tax legislation relating to residential properties. We thought it would be a good idea to have a quick reminder on the main areas you need to consider. Capital Gains Tax Reporting regime UK residents who sell their UK residential […]
On 20 May 2021 the Office of Tax Simplification published the second part of its review of Capital Gains Tax (CGT). Whilst most taxpayers encounter income tax, National Insurance Contributions (NICs) and VAT every day, the report is concerned that many taxpayers are strikingly unaware of their obligations to report […]
The dawning of a new tax year commonly sees a flurry of share transfers as business owners seek to ensure their extractions of profits are tax-efficient. However, transfers of shares between family members and employees can hold lots of hidden tax charges. Here are three of the main types […]
COVID-19 has borne witness to increased public spending on an unprecedented scale. It has been estimated the UK is facing an annual bill of more than £300 billion to cover the cost of measures such as the furlough and self-employed support schemes. Earlier this year, Chancellor of the Exchequer Rishi […]
The sale of your home is not always exempt from capital gains tax. There are many quirks to the capital gains tax rules and we would recommend always contacting us for a quick chat if you are selling a property – or any other investment asset – even if it […]
If home is where the heart is, homeowners are consistently at the heart of any Budget and last week’s Summer Statement proved no exception. Prior to the Chancellor Rishi Sunak’s announcement last week there were whispers of a Stamp Duty Land Tax (SDLT) slash to be introduced from Autumn […]
The new chancellor has just sat down after delivering his first budget statement. The issue of the government’s response to coronavirus dominated the first part of his speech. Of more interest to us and our clients were the measures that directly affect personal finances. Our summary of the key issues: […]
On 6 April 2020 new tax rules are being introduced which mean that: • All sales of UK residential property, – on which there is a chargeable capital gain, – must be reported to H M Revenue Customs within 30 days of completion; • The tax must be paid at […]
With tax year end just around the corner, it’s time to check you are making the most of your tax reliefs and allowances to save for a brighter future. You may want to consider: Investments: take profits using CGT annual allowances If you are looking to supplement your income […]
