Dealing with HM Revenue and Customs (HMRC) during disagreements can seem daunting; it’s like an individual going up against a powerful tax organisation. However, there’s a silver lining: you have the right to challenge HMRC’s decisions, and submit HMRC appeals. (Read Time: Approx. 4 minutes) Topics Discussed: Your Right to HMRC Appeals: A Closer Look… Read more »
In the evolving journey of a business, growth brings both opportunities and complexities, particularly in managing taxation and protecting assets. We discuss sophisticated structures of mature businesses, offering insights on achieving tax and fortifying asset security strategies. (Read Time: Approx. 3 minutes) Topics Discussed: The Path of Expansion and Its Tax Challenges As businesses expand,… Read more »
The rules surrounding tax relief on travel and incidental costs are quite specific for journeying between various work-related locations. (Read Time: Approx. 3 minutes) Topics Discussed: Eligibility for Tax Relief Owners and managers are often required to travel extensively for work, whether it’s between different workplaces, appointments, or other business activities. Fortunately, these travel costs,… Read more »
Understanding specific SDLT reliefs in property taxation is vital for tax savings. One such relief, often overlooked yet remarkably beneficial, is the Multiple Dwellings Relief (MDR) as part of Stamp Duty Land Tax (SDLT). (Read Time: Approx. 3 minutes) Topics Discussed: • The strategic advantages of Multiple Dwellings Relief (MDR) in property acquisitions.• A practical… Read more »
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 »
