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More Than £41,000 Tax Free !

We have worked out that you could earn income of up to £21,040 tax free for the tax year 2018/19. You could also take advantage of another £21,200 tax free allowances and reliefs.

 

 

Here’s how you can maximise your tax-free earnings:

Example 1  

Each year, you are able to earn a certain amount tax-free by taking advantage of… Full article

Marriage To Reduce Tax Liability

Marriage allowance is a way for couples to transfer a proportion of their individual Personal Allowance between them in a tax-efficient manner.
 

 

 Criteria

  • The couple must be either married or in a civil partnership. Living together is not sufficient for the allowance to be claimed.
  • One partner needs to be a non-taxpayer. This generally means that they are… Full article

Buy-To-Let Tax Change

There has been an increase in the number of landlords who are incorporating or setting up a private limited company in order to avoid the negative impact of changes to the buy-to-let tax regime. Due to this, mortgage lenders are now offering more fixed products that are tailored to limited company landlords.

There are 235 fixed limited company mortgages in… Full article

Business Splitting As An Opportunity

Business splitting takes place when two business trade independently of each other under different legal entities. This could mean that neither businesses could exceed the VAT registration threshold.

 

 

For example, a computer consultant decides to form a partnership with her wife for the activity that relates to buying and selling computer hardware. He then decides to keep the consultancy services under his own… Full article

Safeguards From Property Fraud

We are encouraging individuals to set up a property alert in order to warn them in the event of someone trying to alter key details of their property online.

Scammers can transfer your property into their name by using false documents or stolen identities. In some cases, they even transfer the property whilst you are living there. The scammers can… Full article

Getting Back To Nature To Save Tax

There are special UK tax rules that apply to commercial occupation of woodlands in the UK. Due to numerous tax benefits, woodlands can be a very attractive investment option for you.

 

 

Income

No income tax or Corporation Tax is charged on income and profits arising from the commercial occupation of woodlands. For example, the sale of timber.

Since… Full article

Keep Employees Healthy By Using Tax Tips

Workers can spend up to 75% of their day sitting down which leads to health conditions including back injuries, stress, depression or anxiety.

We have recently been reminding employers that there are certain tax breaks for those who promote health and fitness for their employees.

 

Employers can take advantage of existing tax exemptions where you don’t have to report… Full article

Shorter Capital Gains Tax Payment For Buy-To-Let Landlords

 HMRC is planning to bring in new rules from April 2020. It will require individuals and trustees disposing of a residential property to make a payment on account of Capital Gains Tax within 30 days of completion of the sale.

Capital Gains Tax computations can be complex and it can take time to make an accurate computation of the… Full article

Tax Consequences of Divorce

When getting a divorce, the liability and payment of tax are usually not in the forefront of your priorities. However, there can be unanticipated tax charges that arise if care is not taken.

Here are some examples:

 

Assets

When married couples own assets, particularly shares and properties, it is common to have these divided between them in the event of… Full article

Up To £6k Tax Free For Directors

Since 6 April 2016, majority of individuals who have savings, no longer pay tax on any interest they earn. This is due to the introduction of Personal Savings Allowance.

This means that directors, employees and self-employed can earn up tp £6,000 worth of interest from savings tax free.

 

 

Personal Savings Allowance