Posts Tagged: income tax

Have you heard of this unknown and mostly unclaimed allowance? People over 66 can claim for this non-means tested allowance on a wide range of health issues. This applies regardless of your income or savings! This guide explores what Attendance Allowance is, how to claim, and who is eligible. (Read Time: Approx. 3 minutes) Topics… Read more »

As we all know, Inheritance Tax takes away from the sum you inherit on the unfortunate passing of a loved one. There are some methods to limit the amount of tax you’re dealt, and today, we’re going to talk about the appropriately dubbed inheritance ‘Generation Skipping’ Read through our guide on why you would skip… Read more »

In the dynamic world of business, making the right decisions early on can have a lasting impact on your tax liabilities. One such critical choice is the business structure, with options ranging from sole proprietorships to corporate entities. However, for many business-people, the choice often narrows down to two options: a Limited Liability Partnership and… Read more »

Who knew marriage could be so financially rewarding? In the dance of matrimony, not only do hearts intertwine, but so do financial perks. Dive in as we unravel the tax secrets every married couple should know. (Read Time: Approx. 3 minutes) Topics Discussed: A Trip Down Memory Lane: The 1990 Tax Evolution Venturing back in… Read more »

There’s been a rising tide of conversation within the property sector concerning a particular tax planning option related to landlord property transfer to company You may have heard of it referred to as the ‘hybrid business model’. On the surface, it appears to offer numerous benefits, from reduced taxes on property business profits to lessened… Read more »

For a landlord, it’s crucial to be aware of the taxes you might have to deal with, specifically Capital Gains Tax (CGT) and Inheritance Tax (IHT) upon your demise. Before figuring out which of these taxes will apply (or in some cases, when both apply), you first must find out: do your assets or the… Read more »

Incorporating a property business or buy-to-let portfolio is no small decision. It presents both opportunities and complexities, especially in the realm of tax considerations. In this week’s Friday Tax Tip, we aim to simplify these complexities for you. (Read Time: Approx. 6 minutes) Topics Discussed: Incorporation: Property Business/Buy-to-Let When considering the incorporation of a residential… Read more »

For many landlords, understanding capital allowances is crucial to optimising tax savings within their rental businesses. This article offers an insight into what capital allowances can be claimed by landlords and delves into both commercial and residential property allowances. (Read Time: Approx. 4 minutes) Topics Discussed: Commercial property When it comes to non-residential let properties,… Read more »

In the past, individuals have tried to avoid paying tax by attempting to hide their online sales activity from HMRC. HMRC has shown that it possesses robust information gathering powers, enabling the authority to directly access data from major UK marketplaces like eBay and Amazon. This is especially evident when there’s an inkling that a… Read more »