Rent-a-Room Scheme Do you let out a room in your home to a lodger ? The rent-a-room scheme is a set of special tax rules designed to help homeowners who rent-a-room in their home. The current tax-free threshold of £7,500 per year has been in place since 6 April 2016. The relief only applies to the…
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Changes to Capital Gains Tax – 2nd property and asset sales The current delay between making a capital gain on property and paying the Capital Gains Tax (CGT) due can be as much as 22 months. For example, the CGT arising from a gain made by a UK resident individual on 6 April 2019 will…
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Marriage Allowance Did you know that if you are married you can transfer £1,250 of your Personal Tax Allowance to your husband, wife or civil partner. This is called the Marriage Allowance and would enable them to reduce their tax by up to £250 every tax year. To benefit as a couple you need to…
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Working from Home If you are self employed then you already know what a necessary pain it is to keep a record of all your expenses. If you spend any of your time working from home, and who doesn’t, even if it is to maintain your records, then you would probably expect to be able…
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HMRC and the staff Christmas Party It’s the time of year that businesses are planning the staff Christmas party for staff, their partners/spouses, clients and possible new clients. The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes but you have to meet the criteria set…
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HMRC have you in their sights ! “CONNECT”….is the sophisticated HMRC computer uses information gleaned from other sources and algorithms to determine the likely accuracy of a taxpayers Tax Return. HMRC tax investigations are on the increase. Tax investigations are time consuming, stressful and costly. They can last for many months and during this time…
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Challenger Banks – An alternative to the High Street There’s a lot of buzz around the new breed of banks called Challenger Banks but what exactly are they and how can the help you in business ? This, in a nutshell, is what a challenger bank is. It’s a bank that’s far smaller than a…
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Getting ready for Brexit With the new Prime Minister, Boris Johnson appearing to take an increasingly hard-line, the chances of Britain leaving the EU without any working agreement, known as a ‘no deal’ Brexit is looking increasing likely and certainly cannot be ignored. If the UK leaves the EU on 31 October 2019, without a…
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