Van Benefits in Kind Rules

Driving a van as your company vehicle has tax advantages over a car. The tax charge is generally low compared with a car, and can even be zero in circumstances where a car would be taxable. What conditions must be met for tax-free use? Van tax rates In his Autumn Budget 2017 the Chancellor announced an increase in the taxable benefit in kind for employees (including directors) […]

Further Changes to Taxation of UK Property

The 2017 Budget introduced further changes to the taxation of UK property income for non-resident, corporate and private landlords.  A summary of those changes are as follows: Non-residents Since 6 April 2015, non-resident landlords of UK residential property have had to account for capital gains tax on the gains they make on the sale of […]

HMRC Changes Rules on Mortgage Interest?

HMRC appears to have changed its long held views on the availability of tax relief on interest charged on new borrowings by property business owners who re-mortgage their property to withdraw capital from their business.  If this is a genuine change it may well impact on thousands of buy-to-let owners. It is unclear whether this […]

National Insurance and the self-employed

Change is on the horizon – from April next year, the self-employed will only pay one Class of National Insurance rather than the two currently payable. Current position Depending on the level of their profits, the self-employed may currently be liable for two Classes of National Insurance contribution – Class 2 and Class 4.

HMRC updates NRCGT guidance

Until April 2015, a client could avoid UK capital gains tax (CGT) on the sale of their UK properties by becoming non-resident in the UK and staying non-resident for five full tax years. However, from 6 April 2015, a non-resident capital gains tax (NRCGT) charge has been introduced for non-residents that sell UK residential property. […]

Buy to let Landlords – Relief for Interest

With rising property costs and low interest rates, many people took out a mortgage to invest in a buy to let property. As long as property prices continued to rise and the tenants paid their rent, investors could make money from the rising market while the rent from the tenant paid off the mortgage – […]

A Quick Overview of Capital Gains Tax

Capital gains tax is payable on net gains to the extent that they exceed the annual exempt amount. Capital gains tax is a tax on the profit that is made on the disposal of an asset. Normally, this will apply when an asset is sold, but a taxable gain may also arise when an asset […]

Making Tax Digital - 5 Myths Busted!

Since the Making Tax Digital (MTD) consultation response came out in January, HMRC has provided very little in the way of additional clarity or information. Inevitably, this has led to rumours about the initiative spreading thick and fast. So here are 5 of the key Myths about Making Tax Digital with our take on them, […]