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KRW Tax Tips

30 April 2013

Maximise principal private residence relief with careful planning

on Tuesday, 30 April 2013.

Rental property owners who live in the property for a period of time may be able to mitigate their potential Capital Gains Tax liabilities on an eventual sale through careful planning.

In this month’s Tax Tip we uncover a little known quirk of the principal private residence rules for transfers between spouses which can provide a significant tax saving opportunity.

28 February 2013

Get tax relief when releasing equity on a buy-to-let property

on Thursday, 28 February 2013.

Owners of rental properties can offset mortgage or loan interest relating to the property against their rental income, thereby obtaining tax relief for the interest payments.

In this month’s Tax Tip we set out the rules relating to allowable interest payments following the re-mortgage of a rental property to release equity, and unveil a tip to maximise the tax relief.

30 January 2013

Tax-free benefits for directors from April 2013

on Wednesday, 30 January 2013.

As mentioned in this month’s Tax News article, the optimum salary for company owner managers will be £7,755 from April 2013, while the personal allowance will be £9,440.

In this month’s Tax Tip we take a look at how benefits in kind of up to £1,685 per annum will be tax-free for those earning a salary of the optimum level.

30 October 2012

Planning for the high income child benefit charge

on Tuesday, 30 October 2012.

As mentioned in this month’s Tax News article, the High Income Child Benefit Charge (HICBC) arrives on 7 January 2013 and will affect those with earnings over £50,000 per annum.

The HICBC is a tax charge which effectively claws back the Child Benefit received where a single parent or at least one partner in a couple earns over £50,000 per annum.

27 September 2012

Pay 10% less inheritance tax by leaving money to charity

on Thursday, 27 September 2012.

Amounts left to charity in your will have been exempt from Inheritance Tax for many years, but a new rule can reduce the Inheritance Tax rate on the remainder of your estate, in some cases.

You may have read the headlines from this year’s Budget about the lower Inheritance Tax rate of 36% (instead of the usual 40%) where money is left to charity? As is often the case, the devil is in the detail, with complex rules and an outcome that is not quite as good as it first sounds!
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