Latest Blogs

04/04/2024

Reduction in higher rate of CGT on residential property gains

For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only is taxed charged at a higher rate, but taxpayers also have a shorter window in which to report the gain and pay the corresponding tax over to HMRC

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04/04/2024

End of multiple dwellings relief for SDLT

As announced at the time of the Spring Budget, multiple dwellings relief for stamp duty land tax (SDLT) is to be abolished from 1 June 2024. The relief is available where a purchaser buys two or more dwellings in a single transaction or series of linked transactions.

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04/04/2024

Reform of the High-Income Child Benefit Charge

The High-Income Child Benefit Charge (HICBC) is a tax charge that operates to claw back child benefit where the claimant and/or their partner have adjusted net income in excess of the clawback threshold. For 2023/24 and previous years, this was set at £50,000. The HICBC was equal to 1% of the child benefit paid for every £100 of adjusted net income in excess of £50,000. Once income reached £60,000 the HICBC is equal to the child benefit paid for the year.

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04/04/2024

Training costs and the self-employed

A sole trader or proprietor of an unincorporated business may incur training costs. The tax treatment of those costs depends on whether the costs are regarded as ‘revenue’ or ‘capital’ expenditure. HMRC have revised their guidance in this area, expanding the range of training for which a deduction is available.

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08/02/2024

Extracting further profits in 2023/24

As the end of the tax year approaches, it is prudent for those operating their business as a personal or family company to review the profits extracted so far in the tax year and to consider whether it is beneficial to take further profits before the end of the tax year

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08/02/2024

Making pension contributions before 6 April 2024

As the end of the tax year approaches, it is prudent to review your pension contributions for the year and consider whether it is worth making further contributions before 6 April 2024. Remember, any annual allowances brought forward from 2020/21will be lost if not used by this date.

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08/02/2024

Financing an investment property

A would-be property investor will need to be able to fund the purchase of their investment property. They may choose to do this personally or via a company. If they do not have the funds available, they will need to borrow them. The tax relief that may be available depends on the route taken.

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08/02/2024

Repairs and improvements what is the difference and why does it matter?

Work may be undertaken on a property to repair it or to improve it, and it will not always be clear where the dividing line falls. The distinction is important for tax purposes as, depending on how the accounts are prepared, relief may be given in a different way for capital expenditure and for revenue expenditure

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