Sell the property, downsize and make a cash gift to a donee out of the proceeds. The amount of the gift needs to be sufficient to reduce the taxable estate to ... Continue Reading
When commencing self-employment, choosing an accounting date (the choice of year-end) can be crucial in determining whether low profits are taxed twice or high profits ... Continue Reading
Businesses can claim immediate relief for capital expenditure on most items of plant and machinery by means of the annual investment allowance (AIA). Capital expenditure ... Continue Reading
The ‘Pre-Owned Assets Tax’ (POAT) is an income tax charge levied on the ‘benefit’ earned on any property that has been given away (or sold ... Continue Reading
Losses made in the opening years of a business can be carried back against the total income of the preceding three tax years.However, this is not the only option ... Continue Reading
If you do not fill in a Tax Return you need to claim relief for expenses incurred in relation to your employment on form P87. If you do not claim the relief, you ... Continue Reading
The ‘Non-Resident Landlord Scheme’ (NRLS) is a scheme for taxing the UK rental income of non-resident landlords. Usually basic rate tax is deducted from ... Continue Reading
Under the Approved Mileage Allowance Payments (AMAP) Scheme employers can pay employees tax-free mileage rates when they use their own car for business. Provided ... Continue Reading
You can tailor your capital allowances claim to suit your circumstances. It is not a case of claiming either the AIA or WDA, nor is it necessary to use up any remaining ... Continue Reading
It is always worth bearing in mind that when you sell certain types of business asset, it is possible to postpone the gain by reinvesting in a qualifying asset for ... Continue Reading
