Capital Gains Tax

Capital Gains Tax (CGT) is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. It is often referred as voluntary tax. The tax that you need to pay when you make a gain after selling of an asset, not the amount of money...

Let Property Campaign HMRC

Let Property Campaign is a scheme introduced by HMRC to landlords who have not declared property income and pay appropriate taxes. This give opportunity if you’re an individual landlord letting out property in the UK or abroad so to bring their tax affairs up to date...

How To Change Or Switch Accountant

The process of changing your accountant is very simple. Following are the steps involved in the changeover process: 1 – Write to your existing accountant You will need to write to your current accountant and end things on good terms and email them to let them know...

Section 24 tax effects on property sector

Allowable finance costs claims reducing 25% every year cumulative from 6th April 2017 to 100% from 6th April 2020. The tax relief on mortgage interest set at 20% even though you are a higher rate taxpayer. Removal of the 10% wear and tear allowance Landlords actions...

Support living using marriage allowance

Claiming Marriage Allowance To Support Your Living Do you know marriage allowance and tax free child care scheme can help you with cost of living Exactly! Marriage Allowance lets you transfer £1,250 (2018: £1,190) of your Personal Allowance to your husband, wife or...

Tax free child care voucher

Claiming Tax Free Child Care Vouchers Do you know you can use tax free childcare vouchers to pay for the holiday clubs ? Great! Child care is free for kids between 2 to 4 years of age. Get support by claiming tax free child care vouchers to pay for holidays or support...

Claiming Gift Aid

Sport relief raised more than £38m for charities. If you’ve made any donations, please don’t forget to claim Gift Aid on your donations. According to HMRC about £600millions donations made are not being claimed for Gift Aid by taxpayers imagine how much you could save...

How to avoid fines and penalties from HMRC

Avoiding Fines And Penalties From HMRC If you submit your self-assessment tax return late, fail to pay any tax you owe on time, or make errors in your submission, you could find yourself liable to a wide range of HMRC penalties. Here we look at what happens if you are...