Married and divorcing couples, including civil partners, should be alert to change to the capital gains tax (CGT) rules on private residence relief. Divorcing couples Tax is never at the top of the agenda when a relationship ends, yet the tax consequences can be far-reaching. A jointly-owned family home is often the most important asset… Continue reading Capital gains fall-out for couples and family homes
Who is likely to be affected? Individuals who own one or more residential properties that they have lived in as their main residence at any time. What are the main changes? This measure makes a number of changes to Capital Gains Tax, Principal Private Residence Relief (PPRR) where individuals have more than one residence. Change… Continue reading Changes to Capital Gains Tax Private Residence and Letting Reliefs
If you are thinking of buying a house, Stamp Duty Land Tax (SDLT) could be one of the major costs that you need to consider. However it is not always payable on all properties or for all buyers. For example, did you know that there are different rules if you are buying your first home… Continue reading Stamp Duty Land Tax
The Chancellor has presented his Spring Statement to Parliament – here's our summary of what he said. The UK economy continues to grow, with wages increasing and unemployment at historic lows, providing a solid foundation on which to build Britain’s economic future. Borrowing and debt are both forecast to be lower in every year than… Continue reading Spring Statement 2019: What you need to know
So, we already knew about some of the announcements before the chancellor, the Rt. Hon. Philip Hammond MP, spoke yesterday, so much so he even made a joke about toilets and leaks. As ever there was good news and bad news for taxpayers, a full summary is on our website but here are some good… Continue reading Autumn Budget – 29 October 2018
If you’re building a new home, you may be able to reclaim the VAT back on the materials used, potentially making a lot of difference to the final costs. You can apply for a VAT refund on building materials and services if you’re: building a new home converting a property into a home building a non-profit communal… Continue reading VAT on building a new home
Inheritance Tax For most people, Inheritance Tax is a tax they only encounter when dealing with the estate of someone who has passed away. There’s normally no Inheritance Tax to pay if either: The value of your estate is below the £325,000 threshold You leave everything to your spouse or civil partner, a charity or a… Continue reading Inheritance Tax
You can become a landlord for many different reasons; you might not even think of yourself as one. This could be because you’ve: inherited a property rented out a flat to cover your mortgage payments moved in with someone and need to rent out your house. If you follow this link http://bit.ly/2w4rf17 it takes to… Continue reading Have you become a landlord?
HMRC's form SA302 is a tax calculation produced when you have filed your Self-Assessment Tax Return online. It is a calculation for a particular tax year showing your income, your tax allowances, the amount of tax you’ve already paid and what tax, if any, you still owe or which should be repaid to you. If… Continue reading Applying for a Mortgage? SA302’s are no more. A Tax overview is what you need.