Selling your home? Is it always tax free?

Most people think that if they sell their home any gain arising will not be subject to capital gains tax. Broadly speaking this is correct provided they have lived in the property as their main residence for the entire period of ownership. There are certain absences from the property which are permitted and relief will still be due. However, the relief […]

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 […]

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