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Capital gains tax planning
How can you reduce your capital gains tax bill in 2018/19? Whether you’re a buy-to-let landlord, a shareholder, an art dealer or you fall somewhere in between, the chances are you will be familiar with paying capital gains tax (CGT). CGT is payable when you ‘dispose’ of a certain item and make money from the…
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The marriage allowance explained
How to make this tax break work for you. Millions of married couples and civil partners in the UK are eligible for the marriage allowance, but take-up has remained subdued since the tax break came into force on 6 April 2015. Almost half of the UK’s eligible couples failed to claim their slice of £1.3…
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‘Tax over-40s to pay for elderly care costs’, say MPs
Over-40s in England should pay a new tax to help cover the costs of providing care for the elderly, MPs have said. Two influential House of Commons’ committees called for the introduction of a social care premium, which would also see retirees made to pay if they have lucrative pensions or investments. The money generated…
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BCC calls for further delay to digital accounts rollout
The government’s flagship Making Tax Digital (MTD) scheme should be delayed until 2020/21 for all taxpayers, according to the British Chambers of Commerce (BCC). VAT-registered businesses with annual turnover of more than £85,000 are due to be the first to go through the transition to digital accounts for reporting VAT only from April 2019. But…
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Landlords welcome tax incentives for long-term tenancies
The government is considering introducing tax incentives for landlords who offer longer tenancies, as part of a new consultation. The Ministry of Housing, Communities and Local Government has launched a consultation on implementing a three-year tenancy model. This is intended to support the increasing number of private tenants seeking long-term security, as more families and…
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Contractors criticise ‘flawed’ IR35 test
A contractor group has slammed HMRC for omitting mutuality of obligation in an online tool designed to assess an individual’s employment status. Mutuality of obligation requires employers to provide ongoing work for an employee, who then has an obligation to perform that work. In a self-employed relationship, there is no continuing obligation on either side…
