If you are selling a residential property other than your private residence, then you must report the sale to HMRC within 30 days, or you will have to pay penalties. New rules introduced from April 2021 mean that anyone selling a residential property, where there is capital gains tax to pay, will have to report … Continue reading Selling Property? – Watch Out for the New 30-Day Tax Penalties
Believe it or not, Autumn is almost here and it's time for the Autumn 2016 edition of our newsletter, this time featuring: Tax Saving Tips for Businesses Passing on the 'family home': the additional nil rate band Is your capital gains tax bill as low as it could be? Revenue extends RTI late filing concessions … Continue reading Autumn 2016 Newsletter
Ed Gooderham, partner at Green & Co, tweeted along live with George Osborne's Budget announcements. Catch up with his thoughts here... #Budget2016 Osborne just started speaking, let's see how he will tax us and what new ideas we will come up with! — Ed Gooderham (@Green_and_Co) March 16, 2016 #Budget2016 - Growth of 2% per … Continue reading Ed Gooderham’s thoughts on the Budget
CODE NUMBERS Check your code to ensure you have been given the correct personal allowances, including relief for pension contributions and gift aid donations if liable to higher rate tax. PENSIONS With a general election a few weeks away it cannot be certain that the current generous reliefs will remain in place. It is important … Continue reading Year End Tax Planning – Points for review before 5 April!
Capital gains tax exemption can only be claimed on one of your private residences. Currently, if you own more than one property and occupy both as private residences (e.g. a holiday home which you use at weekends and another property which is occupied during the week), you can make an election, within two years of … Continue reading Changes To Principal Private Residence Elections
Spring is here, the clocks have gone forward, lambing is under way, and the new tax year is upon us! Here are some of the changes to expect upon the start of the new tax year 2014/15: 1) Basic personal allowance tax band increase to £10,000. 2) The basic rate tax band has reduced to £31,865 … Continue reading New Beginnings
Prevention is better than cure! - A saying that can often apply to reducing your tax bill. Taking a proactive approach to your accounts can often be the simplest way to save you tax in a number of ways, for example: Annual Investment Allowance (AIA) The AIA allows you to claim 100% of the cost … Continue reading Prevention is better than cure!
HMRC regularly give the tax payer the opportunity to declare tax that would otherwise have gone undeclared. The latest campaign that they are advertising relates to sales of property either at home or abroad which is not your main residence and any Capital Gains Tax that may be due on the sale of that property. … Continue reading Property Sales Campaign by the Inland Revenue
Capital gains tax is not typically a consideration when selling your own home if it is your only home and main residence and has exclusively been used as a home. This is due to a tax relief known as Principle Private Residence (PPR). However, if you own more than one home, for example if you … Continue reading More than one home? – Have You Considered Principle Private Residence Relief
It is that time of the year again when most of us are thinking about that all important break. For those of us lucky enough to own furnished holiday homes the taxman has just whipped the flake from our cornet. From 6 April 2012 it will now be much harder to have our lettings treated … Continue reading Is The Holiday Over For Furnished Holiday Lets?