What income is tax free?

Over the last year or two, and partly to remove some taxpayers from the Tax Return system (because they cost more for HMRC to administer than they pay in tax), certain types of income are not taxable up to a certain level.  So I thought it would be a good time to list...

The Budget

Back on 11th March 2020, we had Rishi Sunak’s first budget. The tax changes were soon overshadowed by the Coronavirus pandemic and the Government measures used to support employees and businesses. Below i have explained some of these tax changes: Delay of IR35 in the...

How does paying dividends reduce my Company’s tax bill?

It doesn’t.  A Company pays Corporation Tax on its profits before dividends are paid out.  Consequently, shareholders are treated as having already paid tax on their dividends (called a ‘tax credit’). A shareholder who is paying Higher Rate Tax will have the dividends...

What lawyers can miss when handling taxes on sales of property

  With shared ownership properties, even though property lawyers generally know about taxes associated with transfers and sales of property, I have come across a couple of instances where they have misadvised their clients. when a property is owned by a couple...

Do I need to pay tax on rental income?

If you have net rental income on which you’ll have tax to pay, (rent minus expenses) then you must register for a Self- Assessment tax return and keep a record of your rental income and ‘allowable’ expenses (you can find out what they are here...