A gain on the sale of an investment property, such as a buy-to-let or second home, will be liable to capital gains tax to the extent that it is sheltered by losses or the annual exempt amount. The annual exempt amount is like a personal allowance for capital gains tax purposes and allows individuals to […]

The trading allowance is a tax relief mechanism that allows individuals to earn up to £1,000 from self-employment or casual services (e.g., gardening, babysitting) without having to pay tax or report it to HMRC. This allowance is also applicable for income from selling items on platforms like eBay and Depop. Key Points of the Trading

As well as a mechanism for collecting revenue, the tax system is also used to encourage certain behaviours and discourage others. Once example  where this is evident is in the way in which company cars are taxed. To encourage company car drivers and their employers to make environmentally-friendly choices, the taxable amount increases as the