The new landlords interest restriction limits tax relief for finance costs on residential properties to the basic rate of Income Tax. This is being introduced gradually from 6 April 2017. Finance costs cover mortgage interest, interest on loans to buy... read more

Paying voluntary NICs (national insurance contributions) can make a difference to your entitlement to your state retirement pension and certain other state benefits. There are various reasons as to why gaps may arise in your NIC record - you may... read more

HMRC have recently sent out notifications regarding tax on income and assets abroad. They want taxpayers to be aware that tax authorities  are sharing a range of data on financial accounts, and will be using that data to check that... read more

It's nearly time to pay the second payment on account. What are the consequences if you fail to pay a Self Assessment tax payment on time. If you are facing cash-flow issues, and cannot see how you can afford to... read more

An example may illustrate the answer to this question. Harry updates his iPad and decides to sell his old one – he does not use the iPad for his employment or any business, it’s used purely for recreational purposes. He sets... read more

Principal Private Residence (PPR) relief from capital gains tax is applicable when you sell a property that has at any time been your only or main residence. But what if you are selling part of your garden? PPR Relief is also... read more

A VAT registered businesses whose turnover is under £1.3 million can apply to use the VAT Annual Accounting Scheme. The attraction is that it means you only submit one VAT return each year and pay a fixed monthly amount to HMRC,... read more