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RENT A ROOM RELIEF
The rent-a-room scheme was first introduced by the Government in 1992 to encourage individuals to take in lodgers by offering them favourable income tax treatment on the rental income received. Ordinarily, any rental income received by an individual is taxable income...
DON’T GET CAUGHT OUT BY CAPITAL GAINS TAX
Most readers have probably heard of Capital Gains Tax (CGT) but how much do you know about the situations in which CGT is charged? You could be forgiven for thinking that CGT is only payable when you sell an asset which is chargeable to CGT (e.g. a rental property)...
REPORTING BENEFITS & EXPENSES PROVIDED TO EMPLOYEES
As we have now passed the end of another tax year, attention may well be increasingly focussed on the completion of Tax Returns for the year ended 5 April 2018 and annual accounts for those businesses with a March (or 5th April) year end. However, businesses shouldn’t...
TAX AND FINANCIAL CHANGES FOR 2018/19
It is usually the case around this time of year that various tax changes hit the headlines, with the new “Sugar Tax” seeming to be flavour of the tax year this time round! The start of the new financial year on 6 April does indeed usually bring with it a number of...
THE END OF THE TAX YEAR
To the surprise and relief of most in the tax profession, the 2017 Autumn Budget (which took place in November 2017) was a relatively gentle affair. At the time of writing, the Spring statement on 13 March has not yet taken place but it will be issued in response to...
31 JANUARY TAX RETURN FILING DEADLINE FEBRUARY 2018
You may have read reports in the press recently stating that automatic ‘computer-generated’ penalties issued by HM Revenue & Customs (HMRC) for late filing of Tax Returns are ‘not legal’. This followed a Judge’s comments in a recent first tier tribunal hearing. It...
TAX BENEFITS PENSION CONTRIBUTIONS JANUARY 2018
The tax benefits of making pension contributions can be significant and although there have not been any major changes in this area in recent years (despite speculation that the Government would do so), it is always useful to recap the main tax benefits. PERSONAL...
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