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Nearly ten years ago in March 2015, the then-Chancellor George Osborne announced a government initiative setting out a vision for the ‘end of the tax return’ and a ‘transformed tax system’ under the title of ‘Making Tax Digital’ (MTD). The MTD start date for small businesses was first planned as April 2018, then the focus
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Entitlement to the full state pension depends on having sufficient qualifying years. Where a person reaches state pension age on or after 6 April 2016, they need 35 qualifying years for a full state pension. They will receive a reduced state pension if they have less than 35 qualifying years but at least 10. A
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Where a property has sometimes been a main residence, certain periods of absence are treated as periods of residence for private residence relief (PRR). With some planning, it is possible to take advantage of this to minimize a taxable gain arising on the disposal of a property. Three-year absence for any reason One of the
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While having more money in your bank account than is needed may seem ideal, for director shareholders of a company with surplus cash, it could be storing up future problems. The poor or non-existent interest rates for company bank accounts and the impact on shareholders’ ability to benefit from various tax reliefs, including Inheritance Tax
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If you pay tax through PAYE, as will be the case if you are an employee or a pensioner, you may need to complete a Self Assessment tax return if you have other sources of income, such as income from property or investments or from self-employment. If at least 80% of the tax that you
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Under English property law, there are two ways in which property can be owned jointly – as joint tenants and as tenants in common. How the property is held can have tax consequences. It also determines what happens if one of the joint owners dies. Joint tenants Where a property is owned as joint tenants,
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