01 - May 2019
Expenses that landlords can deduct
Posted by : Pro-Taxman
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Landlords must pay tax on any profit from their property rental business (although income from property of less than £1,000 a year can be ignored). In working out the profits, expenses are deducted from rental income. To ensure that the landlord does not pay more tax than is necessary, it is important to deduct all […]
01 - May 2019
Here’s how to earn tax-free money through doing something you love.
Posted by : Pro-Taxman
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Spare time earnings may be tax-free The new trading tax allowance for individuals of £1,000 was introduced from 6 April 2017 and applies for the 2017/18 tax year onwards. In broad terms, the allowance means that individuals with trading income below the annual threshold may not need to report it to HMRC and may not […]
01 - May 2019
Employment allowance – upcoming changes
Posted by : Pro-Taxman
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The employment allowance (EA) was introduced from April 2014, potentially cutting every employer’s NIC payments by allowing businesses and charities to offset up to a pre-set annual threshold (£3,000 from April 2016, previously £2,000) against their employer PAYE NIC liabilities. Employers may generally claim the EA if they are a business (including a Community Amateur […]
01 - May 2019
The CGT annual exemption – use it or lose it!
Posted by : Pro-Taxman
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Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling various types of assets including properties (but generally not a main residence), stocks and shares, paintings, and other works of art, but it may also be payable in certain circumstances […]
01 - May 2019
Is tax payable on tips?
Posted by : Pro-Taxman
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The question of whether tips and gratuities are taxable and subject to National Insurance Contributions (NICs) often results in a lively debate. Broadly, their treatment will depend on how they are paid to the recipient. Cash tips handed to an employee, or say, left on the table at a restaurant and retained by the employee, […]