Capital allowances available on assets purchased for use in a property business need not be claimed in full; the amount can be restricted by choice. The amount of ... Continue Reading
The capital gains tax rules on gifts between spouses as being at ‘no gain/no loss’ apply until the end of the tax year of separation. Ideally therefore, ... Continue Reading
Taxpayers seeking to obtain in excess of £50,000 of otherwise unlimited income tax reliefs in any one year are restricted in their claim to the higher of: 25% ... Continue Reading
Anyone buying property to let out on a long-term basis will most likely be deemed an investor, whereas someone buying to refurbish then sell, whether resulting in ... Continue Reading
The basic personal allowance is reduced where a person has ‘net adjusted income’ in excess of £100,000. The personal allowance (£10,600 for ... Continue Reading
For 2015/16 there are three rates of income tax – the basic rate of 20%, the higher rate of 40% and the additional rate of 45%. By transferring income to ... Continue Reading
ISAs provide the opportunity to receive tax-free income and gains.Using an ISA to invest £10,000 each year for ten years will provide a pot of £100,000 ... Continue Reading
If your taxable turnover is below the VAT threshold then you may not have considered whether registering for VAT could be advantageous for you. The VAT registration ... Continue Reading
If you are self-employed and usually make large profits, but incur a loss for one year, then you may be eligible to claim working tax credits or universal credit ... Continue Reading
To save some of the work incurred in keeping details of expenses, individuals carrying on a trade as a self-employed sole trader or in partnership with other individuals ... Continue Reading
