capital gains tax

Selling Part Of Your Garden – Is This Free From Capital Gains Tax?

Are you considering selling part of your garden but wondering if Capital Gains Tax is applicable? In this article we explore when you can and can’t avoid paying tax. This is covered by the “principal private residence” (PPR) relief from capital gains tax. The relief is given against gains arising on “a disposal of a […]

capital gains tax

Capital Gains Tax On Inherited Property – Don’t Pay Too Much!

If you sell a home which you inherited, what steps can you take to ensure that you don’t pay too much Capital Gains Tax? Is Death The Ultimate Tax Avoidance? It’s been said that death is the ultimate capital gains tax avoidance. No matter how much an asset has increased in value when someone dies […]

Is It Possible To Divert Company Profits To Pay University Fees?

Sending a loved one to university can be expensive, but is it possible to divert company profits to pay university fees? This article explains ways you can transfer the needed funds without the wrath of HMRC. Diverting Income If you are looking at long term tax planning, is it possible to transfer shares in your […]

Children taxed on savings income

How Are Children Taxed On Savings Income

We all know that we, as adults have to pay taxes, but how are children taxed on savings income? This article explains how it works. There is an important point to remember here which is that your child’s income is their own in their own right, no matter how young they are.  They are also […]

personal savings allowance

What Is The Personal Savings Allowance & How Does It Work?

Do you know what the Peronsal Savings Allowance is and how it works? What Is The Personal Savings Allowance? From 6 April 2016 a basic rate taxpayer will be able to earn up to £1,000 in savings income tax free. Higher rate taxpayers will be able to earn up to £500. This is called the […]

company van tax rules

What Are The Company Van Tax Rules?

You need a van for your business but do you know the Company van tax rules? The tax rules state that a van which is made available to an employee is deemed to be available for his private use unless there are specific terms which prevent this from happening. So in order to avoid a […]

national insurance

National Insurance – Do I Pay Too Much?

National Insurance Contributions (NIC) are collected separately for each of your employments and also if you are self-employed. These contributions are however subject to an annual cap which means that you need to watch out that you have not exceeded this level! MORE THAN ONE EMPLOYMENT If you have more than one employment and your […]

Estate Falls in Value

What Happens When An Estate Falls In Value?

In uncertain economic times and when you have to sell an estate asset to pay the Inheritance Tax (IHT) this sale can be for less than the probate value. But what happens when an estate falls in value? Is there any tax relief available to you? BACKGROUND We are all aware that the UK and […]

Changes to corporation tax

Changes to Corporation Tax

As a cost cutting exercise, HMRC have now changed some of its administration procedures for corporation tax returns. What do you need to know? They have decided to stop sending out paper copies of the following letters and information: acknowledgment of receipt of a corporation tax return; letter showing the key corporation tax filing and […]