Depending on your level of self-employed earnings you may also need to pay Class 2 and 4 national insurance contributions through your self-assessment tax return but this is also after taking into consideration the contributions already paid on your salary.Read more

Furnished Holiday Lettings (“FHL”) are becoming increasingly popular as a holiday home can be turned into a profitable business attracting various tax reliefs.Read more

If HMRC have issued a return you will normally need to complete and submit it. If you make a gain on the sale of a property you will need to pay capital gains tax on your profit...Read more

If you run your own business as a sole trader (rather than through a company) you should register for self-assessment so that HMRC can issue you with an annual tax return. Read more

Gifts to charity can be very tax efficient. Lifetime gifts can benefit from income tax relief and are free of inheritance tax.Read more

How expensive a trust is to run depends on how active the trust is and how it is invested. Read more

Trusts have a long history of use in planning, not just tax planning. They underpin many structures such as charities and pension schemes which have no tax planning motives. Read more

Many lifetime gifts escape inheritance tax, especially if you make the gift more than seven years before you die. However, there are pitfalls...Read more

As of the 6th of April 2019, HMRC has extended their Non-Resident Capital Gains Tax (NRCGT) regime to include both direct as well as indirect sales of all UK property and land.Read more

Buy-to-let landlords have been affected by a series of legislative changes in recent years, from Stamp Duty Land Tax (SDLT) rate hikes to restrictions on mortgage tax relief.Read more

The following is a summary of key actual and proposed changes that are due to take place within wear and tear from April 2016.Read more

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Showing FAQ's related to: personal tax

How do I declare my second income?

What are furnished holiday lettings?

I sold a property this year and HMRC say I need to do a tax return?

I have just started a business, do I need to complete a tax return?

Suppose I make gifts to charity?

Is it not very expensive to use trusts?

Are trusts just for dodgy tax schemes?

Can I give away everything while I am still alive?

What is non-residential capital gains tax on UK properties?

What expenses can I claim as a residential landlord?

End of wear and tear allowance for 2016 – 17