Where a business is based at home or at another property owned by the director personally, it is possible to extract profits in the form of rent paid for the ... Continue Reading
You may have heard talk about the ‘enquiry window’, meaning the time limit for HMRC to begin their enquiries into a tax return. The length of this ... Continue Reading
Most people are aware of the this relief, which allows you to sell your home without having to pay capital gains tax on any profit that you make. There ... Continue Reading
Surprisingly, many people still die intestate (i.e. without a will). With the ease that wills can now be drafted and the low cost of such services, it makes ... Continue Reading
If you rent out a property, which was at one time your PPR, you will qualify for the lettings relief. This can be worth up to £40,000 against the gain realised ... Continue Reading
Inheritance tax is essentially a voluntary tax, in that with proper planning there is no need for your estate to pay any tax on your death. One of the most ... Continue Reading
There is an exemption for inheritance tax purposes, in addition to the £3,000 annual allowance, for gifts made out of income on a regular basis. It ... Continue Reading
If someone is getting married then there are certain exemptions for gifts made to them “in consideration of” the marriage. Note that these gifts ... Continue Reading
It has been said that for the wealthy, IHT is a voluntary tax, and there is some truth in this. For example, if you have a large annual income, there is another ... Continue Reading
HMRC have placed a range of 20 Toolkits on their website which highlight common errors that have come to HMRC’s attention and include steps that can be ... Continue Reading
