Calculating rental profits…simple?

The Spring Budget saw confirmation that the Finance Bill 2017 would include legislation to offer some unincorporated property businesses the option to calculate their rental profits using a simplified cash basis of accounting, rather than the Generally Accepted Accounting Principles (GAAP) currently demanded. The announcement was originally part of HMRC’s Making Tax Digital (MTD) initiative […]

Is marriage beneficial from a tax point of view?

While not particularly romantic, we are often asked “Is marriage beneficial from a tax point of view? Most tax benefit rules do not recognise cohabitation; the focus tends to be on single or married people. From 2002-2015 the proportion of adults cohabiting rose by a third from 7.5% to 10%.  The rate for those aged […]

Harsh results for single property landlords

Will ever increasing restrictions on tax relief for landlords result in single property landlords increasing rents? According to the National Landlord’s Association (NLA), the proportion of single property landlords who expect be pushed into a higher tax bracket, following the recent restrictions placed on finance costs, has doubled since 2016. Commencing this April, the restriction […]

Here comes the bride! Wedding gift tax exemptions.

With wedding season upon us, we look at the wedding gift tax exemptions available should you choose to make a gift on the occasion of a marriage or civil ceremony. These are in effect inheritance tax exemptions If you make a gift, whether it is cash or asset, all or part of it will be […]

Off-payroll working guidance revised for NHS agency staff

Last month we reported on the off-payroll working guidance rules, introduced this April, which affects individuals providing personal services via their own companies, to public sector bodies. These rules emanated from the IR35 provisions which historically placed the onus of assessment upon the directors of the personal service company. These provisions have now moved this […]

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