Expenses you can set-off against property rental income will need to follow the usual HMRC ruling that the costs must be incurred wholly and exclusively for the purpose of renting out the property. An example set out on the Gov.uk website illustrates... read more

Automatic tax relief when you sell your home? It is a commonly held point of view that when you sell your home you won’t pay any tax, and in particular, that you won’t pay any Capital Gains Tax on the difference... read more

Making Tax Digital for VAT is almost here! As we have mentioned before in this blog, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital for... read more

If your business makes loans to employees or their relatives this can create tax problems for both employees and employers. And please don’t forget that the term 'employee' includes directors, and also that loans to family members may be caught. For... read more

Tax return penalty notices should have been sent out by now but HMRC has announced that it has decided to delay sending late self-assessment penalty notices due to Brexit. This could see some of the 731,186 taxpayers, who missed the... read more

You can give away £3,000 worth of tax efficient gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’. You can carry any unused annual... read more

Making Tax Digital is almost here. 1 April 2019, VAT registered traders with turnover in excess of the current VAT registration limit, £85,000, will need to file returns after 1 April 2019 linked to HMRC’s Making Tax Digital (MTD) systems. Accounts... read more