VAT can be confusing at the best of times, with the reverse charge being arguably one of the more complex applications. It does not help that different rules depend on different scenarios. For example, the reverse charge mechanism does not apply in the case of a zero-rated supply of services (e.g. most food items and […]
Earlier in the year, it was erroneously reported in the press that new tax rules were coming into force which would mean that anyone selling online would need to tell HMRC and pay tax on their earnings. There is, however, no change in the tax rules, which apply to online sellers as they do to
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Individuals making capital disposals do not pay capital gains tax if their net gains for the tax year (chargeable gains less allowable losses for the year) are covered by the annual exempt amount. This is essentially a personal allowance for capital gains tax purposes, and each individual is entitled to their own annual exempt amount.
As the cost-of-living crisis continues to bite, the idea of earning tax-free income is appealing. If you have a spare room, you can make this a reality by letting it out and taking advantage of the rent-a-room scheme. What is rent-a-room? The rent-a-room scheme allows you to earn up to ยฃ7,500 tax free each tax
