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The SDLT supplement and changing your main residence
In most cases, a higher rate of stamp duty land tax (SDLT) applies to the purchase of second and subsequent residential properties…
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VAT and DIY housebuilders
A person who buys a new home from a property developer does not have to pay VAT on it as the sale…
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Which home is the main residence?
Private residence relief is a valuable capital gains tax relief which means that a person does not have to pay capital gains…
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Advantages of filing your 2023/24 tax return early
The deadline for filing your 2023/24 Self Assessment tax return online is 31 January 2025. An earlier deadline of 30 December 2024…
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IHT transferable nil rate bands
The nil rate band is the amount that a person may leave free of inheritance tax. Each person has their own nil…
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Five common capital gains tax errors
HMRC have revealed that every year lots of simple errors are made in tax returns in relation to capital gains tax which…
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Cash basis by default
For 2024/25 and later tax years, unless they elect otherwise, unincorporated businesses must prepare their accounts and calculate their taxable profit using…
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Tax-free savings income in 2024/25
Up to certain limits, it is possible to enjoy some savings income tax-free. The extent to which this is possible depends on…
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Do you have to take a dividend? Reasons why not to
Many directors believe they have an absolute right to monies deposited in a company’s bank accounts. However, payment cannot just be withdrawn…
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Tax implications of company failure
With interest rates falling, business growth should follow. While this is waiting to happen, companies continue to close. The latest statistics published…
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