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Expenses you can set-off against rental income

The expenses you claim against your property income will need to follow the usual HMRC ruling that the costs must be incurred wholly and exclusively for the purpose of renting out the property. An example set out on the Gov.uk...

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Tax-free gains 2019-20

There are still a number of sales (disposals) that a UK taxpayer can make that will not incur a charge to the UK’s Capital Gains Tax. For most of us they are limited in extent, after all legislators have had...

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HMRC and the National Minimum Wage rates

Readers are reminded that from 1 April 2019, the National Living Wage (NLW) and National Minimum Wage (NMW) hourly rates increased to: 25 and over - £8.21 21 to 24 - £7.70 18-20 - £6.15 Under 18 £4.35 Apprentices £3.90...

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Landlords faced with another tax hit next year

From April 2020, HMRC are changing two important tax concessions that apply to landlords letting property that they as owners have previously occupied at some point as their home (Principal Private Residence (PPR)). The first is the reduction of the...

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Employers what is Class 1a NIC?

If you have employees, and if one or more of those employees benefit from the use of facilities that you provide, cheap loans, a company car for example, it is well known that you as their employer will need to...

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Do you manage your own VAT returns?

Unless you opt to register, or use, one of the available VAT special schemes, you are likely paying VAT to HMRC once a quarter based on the difference between the VAT added to your sales invoices less any VAT included...

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Who inherits if you die without a will?

If you die without stating your wishes, the law will determine how your assets are distributed amongst your family. The rules that govern the process are set out in the intestacy rules. And there are regional differences. Consider a parent...

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Employing family, younger persons or volunteers

The following notes set out some of the factors you will need to consider if you are considering employing members of your family, younger workers or volunteers in your business. If you hire family members you must: avoid special treatment...

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Investing in new equipment?

For most of us in business the recent, and continuing, Brexit fiasco has meant that making meaningful investment decisions has proved to be problematic. What will our future trading relationship with Europe look like and how will that affect our...

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When do you pay capital gains tax?

If you personally disposed of an asset that is subject to a capital gains tax (CGT) charge, at any time during the tax year ending 5 April 2019, any CGT due will need to be paid 31 January 2020. Accordingly,...

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