Business use of home – Beware the lower CGT annual exempt amount
The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence.
June 26, 2023
Finance & Accounting>Cryptocuurency
The Taxation of Cryptocurrency
Cryptocurrency is a complicated concept and the following text gives HMRC’s view on the basic rules. Modern cryptocurrencies were first described in 1998 but the
May 23, 2023
Capital gains tax on separation and divorce
Spouses and civil partners enjoy certain tax breaks, including the ability to transfer assets between them at a value that gives rise to neither a
May 17, 2023
Finance & Accounting
Main residence exemption – When does it apply?
Generally, when a person sells a home that they have lived in as their main residence, they will not have to pay tax on any
December 9, 2022
Finance & Accounting
Giving away the buy-to-let to save inheritance tax
Where a person has a property portfolio, they may consider giving away one or more of their investment properties during their lifetime to reduce the
November 9, 2022
Finance & Accounting
CGT on residential property gains – are you aware of the 60-day limit?
Statistics published by HMRC in August 2022 revealed that in the 2021/22 tax year, 129,000 taxpayers reported residential property disposal using HMRC’s online service, filing
October 14, 2022
Finance & Accounting>Capital Gains Tax
Transferring assets between spouses
Although spouses and civil partners are taxed independently, there are some tax breaks available. One of these is the ability for spouses and civil partners
September 21, 2022
Finance & Accounting>Finance & Accounting
CGT or IHT
Sometimes there is a choice of which tax to pay and where a person owns an investment property, they may be able to exercise a
June 27, 2022
Finance & Accounting>Finance & Accounting
Capital gains tax annual exempt amount – use it or lose it
The tax systems contains a number of allowances which enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt
February 8, 2022
Finance & Accounting>Finance & Accounting
Using your annual exempt amount for 2021/22
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year
January 25, 2022
Finance & Accounting>Finance & Accounting
Making use of a spouse’s allowable losses
Spouses and civil partners benefit from special rules for capital gains tax purposes which allow them to transfer assets between them at a value that
October 18, 2021
Finance & Accounting>Finance & Accounting
Special capital gains tax rule for transfers of assets between spouses
Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule
September 27, 2021
Time to pay
As part of the Chancellor’s Coronavirus support package taxpayers were permitted to defer payment of the July 2020 income tax Payment on Account instalment until
February 2, 2021
Beware the capital gains tax connected person rules
Although it is possible to transfer assets between spouses at a value that gives rise to neither a gain nor a loss, giving a property
January 12, 2021
Doing up properties – Are you trading?
There can be money to be made buying a property in a dilapidated state, renovating it, and selling it for a profit. However, when it
November 9, 2020
Not putting a property in joint names prior to selling is an easily avoided mistake – read our blog to see if this would benefit you.
Potential benefits of putting a property into joint names prior to sale Where a property qualifies in full for private residence relief, it is perhaps
March 31, 2020
Property Business – What SIC code should I use for my property Company ?
A SIC code stands for Standard Industrial Classification code, and classifies your business activity at Companies House. SIC code for a company can be changed
October 3, 2019
If you’ve read anything about property and tax, you’ll probably have heard the terms ‘nominating your main residence’ and ‘flipping’. This blog takes you exactly what these terms mean and how and when they apply.
Private residence relief shelters a gain on the sale of a residence from capital gains tax while the property has been the owner’s only or
October 2, 2019
Do you have a second home? You might want to sell up before April 2020!
Private residence relief and the final period exemption From a capital gains tax perspective, there are significant tax savings to be had if a property
September 6, 2019
If you might want to sell a property cheaply to a family member make sure you read this first.
At first sight, the calculation of a capital gain or loss on the disposal of an asset is relatively straightforward – simply the difference between
June 13, 2019