Capital gains tax private residence relief- new restrictions added

Rental property owners that 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.

Taper relief reduces the Inheritance Tax payable on gifts made during a taxpayer’s lifetime, providing they survive at least 3 years from making the gift.

Most business owners will do some of their work from home, but what tax relief can they claim for this? An unincorporated taxpayer (i.e., a sole trader or partner in a partnership) may be able to claim a proportion of its costs for working from home for things like:

With the 31 January Self Assessment tax payment deadline looming, we often encounter clients that want to reduce their tax liabilities. But surely it’s too late now?

Company car tax is based on the car’s list price when new, and its Co2 emissions, and with annual increases, the tax/NIC on a company car benefit can soon mount up.

In a measure designed to reduce tax leakage where multinational companies operate online platforms and pay little or no tax in the UK, a new 2% digital services tax will be levied on revenues from the UK market in relation to search engines, social media platforms, and online marketplaces.