Protecting the value of a home from IHT
The residence nil rate band (RNRB) can increase the amount of an estate that will escape inheritance tax. When can the RNRB apply and what steps can be taken to ensure that the beneficiaries benefit from the tax savings?
How will the new 12.5% VAT rate affect businesses?
On 1 October 2021 a new VAT rate of 12.5% will be introduced for most sales made by a hospitality business. How will businesses need to deal with the rate change in their purchase records and what savings can be made using the tax point rules?
Using CGT losses efficiently
An investor made capital gains from the sale of two assets and losses from the sale of another. The gains are taxable at different tax rates. Can they use the losses to reduce the higher rate tax or how should they be allocated?
HMRC challenges taxpayer’s employment claim
In a 2021 First-tier Tribunal (FTT) case, the taxpayer disputed HMRC’s assertion that he was self-employed rather than an employee. What key point can businesses take from the FTT’s ruling?
Hidden benefit of the new extended loss relief
The new extended tax loss relief seems straightforward but a closer look reveals an opportunity for sole traders and business partners to save more tax than first appeared. How can they take advantage of this?
Private residence relief and the former marital home
An individual recently married. He and his wife live in the property he owned as his home for several years. He wants to transfer a share of it to her. If they sell in a few years’ time, what will their respective capital gains tax (CGT) positions be?