With Labour pledging not to raise Income Tax, National Insurance, or VAT, speculation is rife about how Chancellor Rachel Reeves will address the £22bn shortfall in the Autumn Budget. One likely target is Capital Gains Tax (CGT), which could see higher rates or rule changes to catch more taxpayers, particularly property owners and investors. (Read… Read more »
Beyond earning £100,000, two significant financial drops present themselves: the loss of free childcare and the tapering of the income tax-free personal allowance. Together, these can impose a marginal tax rate of 60% and create unexpected financial strain. So, what can you do to stay below this cliff edge? (Read Time: Approx. 4 minutes) Topics… Read more »
With the UK government facing a significant shortfall in public finances, the upcoming budget is expected to close certain tax loopholes rather than increase major tax rates. Rachel Reeves, the Chancellor, is likely to focus on curbing tax advantages that benefit wealthier individuals, raising billions to address the fiscal gap. Below, we explore five potential… Read more »
The rules on VAT charged on food can be confusing, as often the rules vary depending on where and how the food is served. This blog will break down the VAT rates applicable to different types of food, highlighting the distinctions between hot and cold food, and food consumed on or off the supplier’s premises…. Read more »
When considering passing a buy-to-let property to your child, the goal is often to do so in a tax-efficient way. Gifting property can seem straightforward but carries significant tax implications, particularly when it comes to inheritance tax (IHT) and capital gains tax (CGT). (Read Time: Approx. 4 minutes) Topics Discussed: Options for Gifting a Buy-to-Let… Read more »
Incorporation Relief is a powerful tax incentive that allows landlords to delay paying Capital Gains Tax (CGT) when transferring their property business into a limited company in exchange for shares. This relief can also help landlords save on Stamp Duty Land Tax (SDLT). But how exactly does Incorporation Relief work, and what do landlords need… Read more »
Turning your garden into a profit-generating asset, either by selling it or through development, can seem appealing. However, it’s crucial to understand the tax implications that accompany these transactions. Capital Gains Tax (CGT) and Income Tax can significantly impact your profits unless certain conditions are met, allowing for tax relief. (Read Time: Approx. 5 minutes)… Read more »
Private Residence Relief (PRR) offers a valuable tax break for homeowners, providing relief from Capital Gains Tax (CGT) on the sale of their main residence. However, understanding the qualifying conditions and navigating the complexities can be challenging. This guide breaks down everything you need to know to maximise your PRR benefits, whether you’re selling your… Read more »
In a landmark decision, the First Tier Tribunal ruled in favour of a taxpayer, allowing a claim for Stamp Duty Land Tax (SDLT) Multiple Dwellings Relief (MDR) on a property with an annexe. This case highlights how understanding the specifics of property use can lead to significant tax savings. (Read Time: Approx. 4 minutes) Topics… Read more »
Scammers have crafted what could be the most convincing HM Revenue and Customs (HMRC) scam letter yet, designed to trick individuals and businesses into divulging sensitive tax information. This fraudulent communication uses accurate technical jargon and official HMRC branding, making it alarmingly believable. The letter claims to be part of a “government initiative” to verify… Read more »
