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SDLT – How Much Will You Pay?

Stamp duty land tax (SDLT) was the headline-grabbing measure in the Autumn Budget on 22 November 2017, with the announcement that first-time buyers will no longer have to pay SDLT on the first £300,000 when they buy their first home, as long as the purchase price does not exceed £500,000. When it comes to SDLT,[…] Read more »

Christmas Cheer

Moderation in all things is the taxman’s motto when it comes to tax-free Christmas parties. The tax legislation allows employees and their guests to enjoy a Christmas party or similar annual function without suffering a benefits in kind tax charge – as long as the event is reasonably modest. In this regard, this means the[…] Read more »

No Minimum Period of Occupation Needed for Main Residence

Main residence relief (private residence relief) protects homeowners from any gains arising on their only or main home. However, there are conditions to be met for the relief to be available. One of the major ones is that the property is at some time during the period of ownership occupied as the owner’s only or[…] Read more »

Marriage Allowance

Recent press reports suggested that up to two million couples may be missing out on a valuable tax break – the marriage allowance. The marriage allowance was introduced from 6 April 2015 and allows certain couples to transfer 10% of their personal allowance (£1,150 for 2017/18) to their spouse or civil partner where this would[…] Read more »

Help To Save

The introduction of Universal Credit has been anything but smooth, but for those claimants who manage both to receive the benefit and save some of it, there is extra cash to be had. Help to Save accounts are aimed at people on a low income and are designed to help those falling in this income[…] Read more »

Claiming Tax Back On Gift Aid Donations

Gift aid can be very valuable to charities and to community amateur sports clubs (CASCs), as for every £1 donation made under the scheme, the charity or CASC can reclaim 25p from HMRC. To benefit from the gift aid scheme, the recipient must be recognised as a charity or CASC for tax purposes. Qualifying donations[…] Read more »

Electric Company Cars

Despite rising tax charges year on year, many people still enjoy the convenience offered by a company car. The benefit in kind tax rules reward those who choose cheaper, lower emission cars with a lower tax bill. This policy is set to continue. From 2020/21, new appropriate percentage bands are to be introduced for ultra-low[…] Read more »

Company Losses And What To Do With Them

Although it is clearly preferable to make a profit rather than a loss, this is not always possible. Where a loss arises, from a tax perspective, decisions have to be made as to how that loss can be utilised and, where there is more than one option, which is the best possible use of the[…] Read more »

Landlords: Dealing With Capital Expenditure Under The Cash Basis

From 2017/18 onwards, the cash basis is the default basis for landlords with rental profits of less than £150,000 who meet the qualifying conditions. The extension of the cash basis to landlords is one of the simplification measures ahead of the introduction of digital recording and reporting under Making Tax Digital. The rules for the[…] Read more »

Tax Free Mileage Allowances

Employees often use their own cars for work, usually claiming expenses in the form of a mileage allowance to cover the costs. While it is up to the employer to decide how much to pay by way of mileage allowances, and indeed whether to pay a mileage allowance, it is the taxman who decides what[…] Read more »