Published 17th August 2021; Updated 11th March 2024 Making Tax Digital: an introduction UDPATE: Quarterly UK tax reporting postponed to 2026! Some important changes are being made to the way HMRC collects information about your income from UK property Please note: this will only apply if you have a UK National Insurance number (NIN). The […]
Category: Tax
Capital Gains Tax has changed
Published 29th April 2021; Updated 9th March 2024 The deadline to submit a Capital Gains Tax Return, and pay any CGT due, on a disposal of UK land or buildings is 60 days from completion (transfer). With effect from 27th October 2021: All disposals of residential property by UK residents has to be reported within […]
Replacement of furnishings and equipment
Published 31st March 2017; Updated 8th March 2024 Replacement of Domestic Items Relief This relief provides a deduction for the cost of replacing items of furniture or equipment when computing the taxable profit, subject to several conditions: The person claiming the deduction must have a property business that includes a dwelling house The item being […]
Pensions for high earners
Published 3rd April 2023 This note applies to UK residents only Lifetime Allowance The government announced that from 6th April 2023, the Lifetime Allowance Charge (applied where the Lifetime Allowance was exceeded) will be removed. The Lifetime Allowance will be fully abolished from the 2024/25 tax year (this will be included in a future Finance […]
Capital Gains Tax and the Principal Private Residence Relief
Published 11th February 2013; Updated July 2015 / April 2021 / April 2023 Everyone thinks they know the rules, but few get it right Capital Gains Tax (CGT) is a tax on the gain in value realised on the disposal of an asset. When it comes to a landlord’s rental property there are many misconceptions […]