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 gives rise to neither a gain nor a loss. The transferee spouse/civil partner effectively takes on the transferor’s base cost. This can be very useful…
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As we come to the end of 2021, its time to start thinking about the budget for next year. One thing is certain – uncertainty. Business planning and budgeting have become increasingly complex in today’s uncertain and volatile environment. Firms have had to adapt and become more agile in order…
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Dividends have their own tax rules and their own rates of tax. For business owners understanding how dividends are taxed is crucial. The rules and the rates applicable in the same way regardless of whether the dividends are paid from your personal or family company as part of a profit…
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The Chancellor Rishi Sunak delivered his Autumn Budget and Spending Review earlier this afternoon, setting out a new Charter for Budget Responsibility, alongside revised economic forecasts and spending plans. The key tax announcements include: 1) Creative tax reliefs for theatres, orchestras, museums and galleries doubled until April 2023, with rates…
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Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit from that help tax-free. There are various routes by which this is possible. Government tax-free top-up scheme Under the Government scheme, you can open an online account and deposit money which is used to…
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For tax purposes, furnished holiday lettings are something of a special case and benefit from a number of advantages not available to standard residential lets. One of these advantages is in relation to the treatment of interest and finance costs. Residential landlord – Restriction of relief Residential landlords can now…
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Childcare is expensive; however, the tax free system can provide a helping hand. In recent years, there has been a shift from tax relief for employer-supported childcare and vouchers to a Government top-up scheme. Government scheme The Government operates a tax-free childcare scheme whereby parents deposit money into an account…
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The additional stamp duty land tax (SDLT) rate of 3% is payable by purchasers of residential properties costing £40,000 or more and if all of the following conditions apply: 1) it will not be the only residential property worth £40,000 or more owned (or part owned) by the purchaser anywhere…
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In a furnished let, wear and tear of domestic items are inevitable and there will come a time when the landlord will need to provide replacements. From a tax perspective, special rules apply to provide relief for the cost of replacement domestic items. The rules only apply to residential lets,…
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When a company closes down, it may have accumulated monies or assets that need to be distributed to shareholders. If the asset is in the form of cash then any distributions would typically be as dividends (or possibly additional contributions to a pension scheme). A dividend will be the route…
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