10/Jul/2024Investing the proceeds from the sale of the family home and the IHT gifts from income exemption
For many people, there will come a time when it becomes sensible or necessary to sell the family home, either to downsize or because of a move to live with […]
08/Jul/2024Should You File a Formal Complaint with HMRC?
HMRC has not been getting good press lately. Time spent waiting for a tax refund, an answer to a letter, or over an hour on the telephone trying to speak […]
05/Jul/2024Brightline Test for Furnished Holiday Lets (FHLs) Rejected by HMRC
Landlords with furnished holiday lettings (FHLs) face an uncertain future. At the time of the Spring 2024 Budget, it was announced that the tax regime for FHLs would be abolished […]
03/Jul/2024Do you now need to pay tax on your dividend income?
The fall in the dividend allowance in recent years may mean that you must now pay tax on your dividend income for the first time. The dividend allowance The dividend […]
28/Jun/2024Inheritance tax transferable nil rate bands
The nil rate band is the amount that a person may leave free of inheritance tax. Each person has their own nil rate band, which for 2024/25 is set at […]
26/Jun/2024Tax-Efficient Strategies for Retiring Employees
Just because an employee receives a lump sum on leaving does not necessarily mean the payment is exempt from tax under the £30,000 exemption for termination payments rules. The exemption […]
24/Jun/2024Do you have to take a dividend? Reasons why not to
Many directors believe they have an absolute right to money deposited in a company’s bank accounts. However, payment cannot just be withdrawn, as there are set procedures to follow to […]
21/Jun/2024Tax implications of company failure
With interest rates falling, business growth should follow. While this is waiting to happen, companies continue to close. The latest statistics published by the Insolvency Service state that ‘After seasonal […]
20/Jun/2024Advantages of filing your 2023/24 tax return early
The deadline for filing your 2023/24 Self Assessment tax return online is 31 January 2025. An earlier deadline of 30 December 2024 applies if you owe £3,000 or less and […]
07/Jun/2024Tax-free savings income in 2024/25
Up to certain limits, it is possible to enjoy some savings income tax-free. The extent to which this is possible depends on the rate at which you pay tax; not […]
03/Jun/2024Five common capital gains tax errors
HMRC have revealed that every year lots of simple errors are made in tax returns in relation to capital gains tax which result in the taxpayer suffering additional tax, interest […]
29/May/2024Relief for replacement domestic items
Landlords letting residential property are not entitled to a deduction for the cost of the domestic items that they provide in the property. They are not able to claim capital […]
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