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Scenario I own a rental property, which has a mortgage on it. The mortgage is currently on an interest-only basis. Given the new interest relief restrictions on landlords’ finance costs, should I consider switching to a repayment mortgage? Advice The new rules restricting the amount of interest relief landlords can claim against rental income are[…] Read more »
Offshore income and the Requirement To Correct (RTC) rule
HMRC are getting noticeably tougher on those who try to evade tax by hiding their assets or income offshore. They are increasing the size and range of penalties charged, and increasing the number of prosecutions of serious evaders. Broadly, a UK-resident taxpayer has a responsibility to notify HMRC of any taxable offshore income they receive.[…] Read more »
Tackling the Plastic Problem
As widely speculated, the Chancellor announced a call for evidence to explore how changes to the tax system or charges could be used to reduce the amount of single-use plastics, by reducing unnecessary production, increasing reuse, and improving recycling. In the consultation document entitled Tackling the plastic problem: using the tax system or charges to[…] Read more »
IHT: know your limit
Insurance company Canada Life’s annual survey for 2017 has revealed growing confusion over the operation of inheritance tax. According to the survey, more than two thirds of respondents did not know the current level of the inheritance tax nil rate band – among adults over the age of 45 with assets in excess of £325,000,[…] Read more »
Tax-Free Childcare Now Open to Under 9s
The Support In April 2017 HMRC started rolling out tax-free childcare, a scheme designed to help working parents with the cost of childcare with up to £2,000 of support per child per year, or £4,000 for disabled children. The scheme is now open (from 15 January 2018) to parents whose youngest child is under 9,[…] Read more »
Fulfilment House Due Diligence Scheme – 1st April 2018
Overview The new Fulfilment House Due Diligence Scheme will open for online applications on 1 April 2018. From that date, businesses in the UK that store any goods imported from outside the European Union (EU) owned by, or on behalf of, someone established outside the EU, will need to apply for HMRC approval if those[…] Read more »
The Pain of the Abolition of Class 2 NICs Delayed
Why the Delay On 2 November 2017, the Government announced a one year delay to the abolition of Class 2 National Insurance Contributions (NICs). Class 2 NICs will now be abolished from 6 April 2019 rather than 6 April 2018. The delay will allow time for the government to engage with interested parties and Parliamentarians[…] Read more »
Autumn Budget Statement November 2017
Summary A summary of the key tax points from the 2017 Autumn Budget based on the documents released on 22 November 2017. Chancellor Philip Hammond has delivered his first Autumn Budget under the new system he announced this time last year. The aim of the new system is for the Finance Bill, which is normally[…] Read more »
Using the Inheritance Tax (IHT) Gift Exemptions
Inheritance or Voluntary Tax? As Benjamin Franklin observed in 1789 ‘In this world nothing can be said to be certain, except death and taxes.’ More than two centuries on, this statement still rings true! These days however, inheritance tax is often referred to as a voluntary tax, because there are various ways to minimise liability[…] Read more »
The cost of driving a greener company car
Background The financial benefits of driving a company car have continued to erode over recent years, but this benefit remains one of the most popular and potent perks of a job. Broadly, the taxable benefit arising on a car is calculated using the car’s full manufacturer’s published UK list price, including the full value of[…] Read more »
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