The definition of a dwelling for Stamp Duty Land Tax (SDLT) purposes is often a ground for challenging and fascinating legal debates, such as the room over garage case. Our exploration of Multiple Dwelling Relief (MDR) continues with a look at the case of Jonathan Ralph v HMRC [2023] TC08969. This case, revolving around the… Read more »
Owning a furnished Spanish holiday home in has potential for tax savings. Many property owners are eligible for tax benefits when it qualifies for furnished residential properties across the European Economic Area (EEA). (Read Time: Approx. 6 minutes) Topics Discussed: • Identifying tax opportunities for furnished residential properties in the EEA. • Understanding how to… Read more »
In the complex world of family finance management, strategically organising wealth to maximise tax efficiency can substantially enhance household savings. We discuss strategies of income distribution within families, highlighting how such practices, when properly planned, can optimise tax allowances for the entire family. Through examination and referencing specific tax enquiry cases, we aim to shed… Read more »
Property income and its taxation can be daunting for individuals, trusts, and companies alike. Whether you’re an experienced landlord or considering entering the property market, understanding how property income is taxed is crucial to ensuring financial efficiency and compliance with tax regulations. (Read Time: Approx. 5 minutes) Topics Discussed: • Delving into taxation for property… Read more »
Inheritance Tax (IHT) implications have become increasingly pertinent, encouraging many to consider the consequences of estate planning and asset gifting. A question from a client concerning the tax implications of transferring ownership of a home to a family member while continuing to live in it, highlights the complexities of the “Gift with Reservation of Benefit”… Read more »
Are There Tax Implications? Holding UK property through offshore companies requires a keen understanding of current tax implications. Whether you’re an investor, a business owner, or engaging in property trading, knowing how you could be liable for tax is crucial. (Read Time: Approx. 4 minutes) Topics Discussed: • Understanding the tax treatment for non-UK resident… Read more »
If you’re a property owner, get a grip on the tax implications of incorporating your residential property business and transferring your property into a limited company. While it might seem daunting, mastering these specific tips is key to unlocking potential tax benefits. Keep reading to harness tax advantages in your property business. (Read Time: Approx…. Read more »
The Self-Assessment tax journey often leaves many puzzled, particularly when considering factors like directorship, capital gains, or simply understanding HMRC’s outlined rules. This often leads to people who need to file Self-Assessment returns not doing so, which leads to unexpected tax bills, and on top of that, fines. We’ve put together a guide on when… Read more »
The modern business landscape often blurs the lines between personal and professional spaces. For directors who find themselves in a position where their home doubles as their workspace, the question arises: Can you charge your company rent for this dual use? (Read Time: Approx. 3 minutes) Topics Discussed: When Home Becomes the Boardroom Directors may… Read more »
This guide will walk you through the critical points and help you prepare for the impending deadline with a strategy to mitigate penalties and safeguard against HMRC inquiries. (Read Time: Approx. 5 minutes) Topics Discussed: Deadline Dynamics and Penalties For the fiscal year 2022-23, the deadline for online tax return submissions is on 31st January… Read more »
