Blog

29 Jul 2024

Tax implications of letting out your drive

If you have room on your drive, you may be able to earn additional income by letting out one or more parking spaces. This can be done through the various apps that exist for this purpose. You can make your drive available on an ad hoc basis, for example to provide parking near an event or for day trippers to the seaside, or regularly, for example, to commuters if you live near a station.

26 Jul 2024

Letting through a company

The interest restriction for landlords letting residential property on long lets, the proposed abolition of the favourable furnished holiday letting rules and lower rates of corporation tax led many landlords to question whether it would be preferable to let property through a company instead. Like most things, there are pros and cons.

24 Jul 2024

‘Brightline’ test for FHLs ruled out

Landlords with furnished holiday lettings (FHLs) face an uncertain future. At the time of the Spring 2024 Budget, it was announced that the tax regime for FHLs would be abolished from 6 April 2025. However, no further details were announced before the general election was called, leaving landlords uncertain as to whether the proposals would actually be enacted and, if so, what they would look like.

22 Jul 2024

Tax relief on charitable donations

If you make donations to charity, you can benefit from tax relief on those donations. This can be achieved in various ways.

19 Jul 2024

Setting up as a sole trader

The way in which you operate your business determines the taxes that you pay and also your reporting obligations.

17 Jul 2024

Will paying voluntary NICs boost your pension?

To qualify for a full state pension, you need 35 qualifying years. You can earn these through paying National Insurance contributions or being awarded National Insurance credits. If you will not have sufficient qualifying years for a full state pension when you reach state pension age, you can ‘buy’ additional qualifying years through the payment of voluntary contributions.

15 Jul 2024

Investing the proceeds from the sale of the family home and the IHT gifts from income exemption

For many people, there will come a time when it becomes sensible or necessary to sell the family home, either to downsize or because of a move to live with a relative or into care. This may result in funds being released, which may be considerable.

12 Jul 2024

Do you now need to pay tax on your dividend income?

The fall in the dividend allowance in recent years may mean that you now need to pay tax on your dividend income for the first time.

10 Jul 2024

Advantages of filing your 2023/24 tax return early

The deadline for filing your 2023/24 Self Assessment tax return online is 31 January 2025. An earlier deadline of 30 December 2024 applies if you owe £3,000 or less and wish to pay the tax that you owe through an adjustment to your PAYE code.

08 Jul 2024

IHT transferable nil rate bands

The nil rate band is the amount that a person may leave free of inheritance tax. Each person has their own nil rate band, which for 2024/25 is set at £325,000. A person’s estate may also benefit from a further nil rate band – the residence nil rate band (RNRB) – where they leave a residence to a direct descendant or descendants.

05 Jul 2024

Five common capital gains tax errors

HMRC have revealed that every year lots of simple errors are made in tax returns in relation to capital gains tax which result in the taxpayer suffering additional tax, interest and penalties. Here are some common mistakes, and how to avoid them.

03 Jul 2024

Tax-free savings income in 2024/25

Up to certain limits, it is possible to enjoy some savings income tax-free. The extent to which this is possible depends on the rate at which you pay tax; not all routes are open to all.

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