Rent-a-room: letting as office accommodation

The rent-a-room scheme is a set of special 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. Homeowners using this scheme should ensure that rents received from lodgers during the tax year do not exceed £7,500. The tax exemption […]

Offshore reporting funds

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Offshore Reporting Funds The list of offshore funds that have been applied and approved for reporting fund status has been updated. The list comprises over 85,000 funds defined as an offshore funds and that have successfully applied to HMRC for reporting fund status. Under UK rules, a fund is obliged to publish, for each of its […]

VAT Reclaim – what you can and cannot reclaim

VAT Reclaim – what you can and cannot reclaim For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means that businesses must consider where there is personal or private use of goods or services bought for the business and can usually only reclaim the business proportion […]

Current Capital Gains Tax rates

Capital gains tax written on a spiral notepad with pen

Current Capital Gains Tax rates Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20%, and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small capital gain, they may only be subject to a reduced rate of 10%. Once the […]

Inheritance Tax – settled and excluded property

Accountants Inheritance tax calculator and written figures

Inheritance Tax – settled and excluded property Inheritance Tax – settled and excluded property, can be a difficult topic to navigate, especially when it is made up of a lot of different property types and assets. For Inheritance Tax purposes, each asset has its own separate identity. This means, for example, that one asset within […]

Tax credits renewal deadline reminder

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The 31 July 2021 is the reporting deadline for families and individuals that receive tax credits. By this date they will need to tell HMRC about any changes to their circumstances or income and to

VAT domestic reverse charge – Which supplies does reverse charge apply to?

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VAT domestic reverse charge – Which supplies does reverse charge apply to? The VAT domestic reverse charge accounting mechanism was implemented to help prevent criminal attacks on the UK VAT system through sophisticated fraud. The domestic reverse charge procedure applies to the supply and purchase of certain specified goods and services. The specified goods that […]

Reporting foreign income for UK tax purposes

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Income Tax is generally payable on taxable income received by individuals including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income,

UK Capital Gains Tax on second property sales – 30 day rule

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UK Capital Gains Tax on second property sales – 30 day rule The Capital Gains Tax (CGT) reporting and payment date for UK residents who sell a residential property changed after 6 April 2020. This change means that any CGT due on the sale of a residential property now needs to be reported, and a […]