End Of Tax Year Planning
The end of the tax year, falling on 5 April 2020, is almost upon us again. Whilst there are still only a couple of weeks left, there may still be time for some planning to keep your tax bills down.…
Change To Tax Reporting On Property Sales
When you make a gain from selling any major asset, this may result in a tax bill. Each individual has an annual exempt amount for gains, currently £12,000, which is entirely separate to the ordinary personal allowance for income tax.…
HMRC Tax App Released
HMRC have released an app, available on iOS and Android, for taxpayers. This app includes a news feed from HMRC and a calculator to allow employees to check their expected take-home pay. If you have an account with the…
Christmas Tax Planning
With Christmas just over a month away, no doubt many of you are already making plans. Given how expensive this time of year can be, incorporating a bit of tax planning into those plans could prove worthwhile. Consider the following…
Divorce And Taxes
We hope that the couples amongst our readership will continue to live long and happy lives together. Sadly statistics indicate that this is unlikely to be the case for all of them. Figures from the Office of National Statistics indicate…
Furnished Holiday Lets
The taxation of residential property letting has seen some changes in recent years. The most significant is the change in tax relief on interest payments. These were once just a tax-deductible expense but are now being shifted to an adjustment…
Employment Expenses
If you are self-employed, then you are allowed to deduct business expenses from your income. You then only have to pay tax on the amount after expenses. If you are employed then most business expenses will be paid by your…
Registering For Self-assessment
We are now a month and a half into a new tax year. If you have completed a tax return in previous years, then you are likely to have already received a notice from HMRC to file a return for…
Tax Codes
I have employment income and I was expecting my tax code to go up. Instead it has gone down and I am now paying more in tax. Why is this? Tax codes are part of the PAYE system. Their purpose…
Tax Question and Answer
I’m planning to buy some new equipment for my business. Can I claim the cost for tax? As a general rule, if an expense is incurred for business purposes then it can be deducted from income to reduce the taxable…