Latest Blogs

05/02/2025

Reporting residential property gains

Owners of investment properties and second homes may decide to sell up for a variety of reasons. They may wish to take advantage of a more buoyant market as buyers rush to beat the reduction in the residential SDLT threshold from 1 April 2025. The end of the favourable tax regime for furnished holiday lets may see landlords sell up, while those sitting on a large capital gain may decide to realise that gain while the higher rate of capital gains tax on residential gains remains at 24%. Whatever the reason for the sale, where a capital gains tax liability arises on the disposal of a residential property, there is a limited window in which to report the gain to HMRC and to pay the capital gains tax due on that gain.

17/01/2025

Gift the holiday let by 5 April 2025

Gift the holiday let by 5 April 2025 to benefit from hold-over relief The favourable tax regime for furnished holiday lettings is to come to an end on 5 April 2025. This will mean that landlords of furnished holiday lettings will lose access to a range of valuable capital gains tax reliefs, including gift hold-over relief.

17/01/2025

Planned changes to agricultural relief

Protests by farmers following the October 2024 Budget have catapulted agricultural property relief (APR) into the spotlight. But what is the relief, who can benefit and how is it changing?

17/01/2025

What expenses can you deduct if you are self-employed

If you are self-employed, you will pay tax on your taxable profit. In working out your taxable profit, you can deduct certain expenses that you have incurred in running your business. The basic rule is that expenses can be deducted if they are incurred wholly and exclusively for the purposes of the trade.

17/01/2025

What to do if you cannot pay your tax bill

As the cost of living crisis continues to bite, you may find that come 31 January 2025 you are struggling to pay your Self Assessment tax bill. If this is the case, it is important that you do not bury your head in the sand – the bill will not go away and, with the addition of interest and penalties, will become bigger. However, there are options available which may allow you to pay what you owe over a longer period.

06/12/2024

Tax-efficient Christmas parties and gifts

Employers looking to spread some seasonal cheer can do so in a tax-efficient manner by taking advantage of the exemptions for annual parties and functions and trivial benefits.

06/12/2024

Dispose of your business for best BADR rates

Business Asset Disposal Relief (BADR) is a valuable relief which reduces the rate of capital gains tax payable on gains made on the disposal of all or part of a business or the sale of shares in a personal trading company. The relief was previously known as Entrepreneurs’ Relief

06/12/2024

Impact of increase in SDLT supplement

Despite the shortage in rental accommodation, investment in residential property is out of favour. In her Autumn Budget, the Chancellor increased the cost of buying a second or subsequent residential property by raising the stamp duty land tax (SDLT) supplement by two percentage points, from 3% to 5%, with effect from 31 October 2024.

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