Blog
Which home is the main residence?
Where a taxpayer or a married couple or civil partners have more than one residence they can choose which is their main residence for capital gains tax purposes. Read this article to find when a nomination must be made and when it can be varied.
Is it time to disincorporate?
Read this article to see whether your company should be considering disincorporation as more accounting detail will shortly be made available to the public.
Reporting residential property gains
If you make a chargeable gain on the disposal of a UK residential property, you need to tell HMRC and pay the tax on the gain within 60 days of completion. Read this article to find out how to do this.
Understanding your tax code
Tax codes are fundamental to the operation of PAYE and the right amount of tax will only be deducted from your pay if your tax code is correct. Read this article to find out what your tax code means so you can check that it is correct.
Making use of your inheritance tax allowances
There are various allowances and exemptions for IHT which allow you to make lifetime gifts without them counting as part of your estate for IHT purposes. Read this article to find out how you can take advantage of these.
Check your National Insurance record
A full state pension is only payable if a person has at least 35 qualifying years. Read this article to find out whether it is worth paying voluntary National Insurance contributions to boost your state pension.
Selling online – When do you need to tell HMRC?
If you have a ‘side hustle’ selling online, you may need to tell HMRC if you are trading or if you make a capital gain. Read this article to find out how the rules apply.
Inflationary gains and the CGT trap
There is no capital gains tax relief for inflationary gains. This can trigger a high capital gains tax bill on the sale of an investment property which has been owned a long time. Read this article to find out why.
Boost your income by letting out your spare room
The rent-a-room scheme allows you to earn up to £7,500 tax free each year by letting furnished accommodation in your main home. Read this article to find out how you can benefit.
Calculating the capital gain on the sale of an investment property
In calculating the capital gain or loss on the sale of an investment property you can deduct allowable costs. Read this article to find out what costs can be deducted.
Splitting a company - Tax efficiently
Read this article to find out the ways that a company can be split.
Incidental overnight expenses – A little known tax break
Read this article to find out about tax breaks on incidental overnight expenses
Work clothes – Can they be claimed against tax?
Read this article to find out whether work clothes can be claimed against tax. So, what are the tax rules?
Voluntary disclosure
Read this article to find out what happens if you have to tell HMRC of any undisclosed income.
Tax implications of termination payments
Read this article to find out whether all termination payments are non-taxable
Beware the new VAT late submission penalties
From 1 January 2023, VAT-registered traders will receive a penalty point if they file their VAT return late. Read this article to find out how the system works and how many penalty points are needed to trigger a financial penalty.
Letting the FHL for longer periods during the off-season
To qualify as a furnished holiday let (FHL), three occupancy conditions must be met. Read this article to find out how letting the property on a long let during the off-season may jeopardise its FHL status.
The implications of late VAT registration
Read this article to find out what happens if a business registers for VAT late.
Take advantage of permitted absences for main residence relief
Certain periods of absence from your main home do not result in the loss of main residence relief. Read this article to find out when a period of absence counts as a qualifying absence.
Tax and influencers
Influencers and content creators may need to declare and pay tax on sponsorship and gifts received from brands. Read this article to find out more.