Gifting assets during oneโs lifetime is never an easy proposition even though by doing so inheritance tax (IHT) may be reduced in the long run. The dilemma is well-known, namely, that to reduce IHT you have to draw capital out of your estate but if you do – once it’s gone, it’s gone. Further, any […]
Holiday homes and holiday lets are treated differently โ holiday lets are liable for business rates while holiday home owners must pay council tax. This can work to the landlordโs advantage, particularly if small business rate relief is available. However, owners of holiday properties should be warned โ new rules are coming into effect from
Statistics published by HMRC in August 2022 revealed that in the 2021/22 tax year, 129,000 taxpayers reported residential property disposal using HMRCโs online service, filing 137,000 returns in respect of 141,000 disposal and paying ยฃ1.7 billion in tax. However, an estimated 26,500 returns (20%) were filed late, suggesting some ignorance around the rules and the
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As the cost-of-living crisis deepens, many employees are looking to save money. One option is to cut the cost of the commute by cycling to work. There can be tax benefits for this too. Exemption for employer-provided cycles Employees can enjoy the use of employer-provided cycles and cyclistsโ safety equipment without having to pay tax
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