In 1998 Indexation Allowance was paused for individuals, then in 2008 this valuable allowance was removed entirely, inflating capital gains overnight as a consequence. Fast forward to 2017, Indexation Allowance was paused in the December for companies. If the...
Employment, Education, Enterprise and Everywhere was the continued theme of today's Budget announcements. The Chancellor would like to get as many of us back into work, helping to meet his growth ambitions for the UK. The Pension Annual Allowance will increase from...
With local authorities set to inflate council tax for second homes, now may be the time to consider your property’s future. Occupy it! Now may be the right time for you to move in! Remember Private Residence Relief (PRR) applies from the date of occupation unless a...
With the 5th April fast approaching, tax year-end pension contributions are a popular savings and tax mitigation tool. Here’s a reminder of the key considerations: Personal pension contributions up to £3,600 (gross) can be made if an individual does not have relevant...
When a loved one passes away, the focus for personal representatives is invariably Inheritance Tax. Income and Capital Gains Tax should not be far behind in your priorities, however. Initially the personal representatives should focus on the income receivable and...
With the temporary Super-Deduction set to end on 31st March 2023, it is worth making sure your company is entitled to claim it before doing so. Points to note: Only companies can claim the Super-Deduction. Contracts entered into prior to 3rd March 2021 are not...
With the Governor of the Bank of England’s comments this month regarding interest rates and inflationary pressures over the next 18 months to 2 years, the Autumn Statement did not provide relief for the majority of UK taxpayers. Key Announcements Individuals The...
The last 15 years have certainly taught us how futile predicting the future can be. That does not mean that as a business owner you should not plan, but you need to make sure your plan can flex. Whether the future owners of your business are family members, internal...
Most of us do not give tax a second thought when selling our homes, but Private Residence Relief (PRR) which exempts a capital gain from taxation on sale, may not always be available to cover the gain in full. We have detailed below some of the situations which may...