If a gift of property is made to a non-spouse/civil partner, capital gains tax (CGT) is charged on the donor as if the market value had actually been received. However, ... Continue Reading
Smaller VAT-registered businesses can save a significant amount of work by joining the flat rate scheme. The scheme can be used by businesses that have taxable turnover ... Continue Reading
Tax relief on pension contributions is available on contributions up to the annual allowance. To the extent it is unused the annual allowance can be carried forward ... Continue Reading
If there is an overall income tax loss made for a tax year, then unless the loss arises in relation to certain capital allowances, the loss is generally relieved ... Continue Reading
By default, rental profit from property jointly owned by spouses/civil partners is taxed 50:50 irrespective of the underlying respective proportion of actual ownership. ... Continue Reading
Most professions require members to pay an annual subscription to a professional association for the right to use the qualification and designatory letters.Where ... Continue Reading
Any business owner taking out a mortgage/loan in order to finance capital to invest in a business is allowed to deduct interest paid from income received. Renting ... Continue Reading
Payments into an approved pension scheme attract tax relief at your highest rate of tax and are deemed to be paid net of basic rate tax. Contributions attract tax ... Continue Reading
Expenses incurred in the running of a property letting business are deductible from rental income received in calculating the taxable profit. However, just because ... Continue Reading
Tax relief is available on money borrowed to buy equipment or machinery for use in a partnership, provided that the items in question qualify for capital allowances.It ... Continue Reading
