HMRC makes a number of toolkits that point out common mistakes that people make on their self-assessment tax returns. The capital gains tax land and buildings toolkit, as its name suggests, points out the most common mistakes that HMRC finds when it comes to capital gains tax on land and buildings. ...

In the summer, there are a lot of events, and parking is often hard to find. If you have a driveway or field that you don’t use, you could rent it out to make some money. This doesn’t have to be a tax problem. But it’s important to remember that all of the money made […]...

Like any other kind of business, a property business has costs that can’t be avoided. But, if you meet certain requirements, you can get tax relief for the costs of running a property business. Allowable expenses As a general rule, a landlord can deduct costs that are entirely and only used to...

Investors who have nothing to do with the company can get 30% of the amount they put into qualifying EIS companies back as income tax relief, up to £1 million per tax year (or up to £2 million if at least £1 million of that is put into knowledge-intensive companies). So, an investor’s incom...

HMRC has recently updated the advice they give to businesses that want to get investors to buy shares in their business. If the business is set up right and meets the requirements of the Enterprise Investment Scheme (EIS) or the Seed EIS, investors may be able to take advantage of a number of tax br...

In recent years, there have been changes to how unincorporated landlords are treated for tax purposes, especially when it comes to interest relief. This has caused more landlords to rent out their properties through a company. What do you think? We look at some of the things to think about when maki...

On September 23, 2022, Kwasi Kwarteng, the fifth Chancellor in as many years, gave a “Fiscal Event” or “Mini-Budget” that cut taxes to help the economy grow. This was in line with what new Prime Minister Liz Truss said she would do when she was running for the top job in the ...

Inflation is at its highest level in ten years, and the resulting cost of living crisis may make it hard for many people to pay the taxes they owe. What can you do about it if this is you? It might be tempting to stick your head in the sand and hope the bill will […]...