Christmas gifting without the IHT sting
Ho ho ho…Christmas gifting, this article explains which gifts should be free from inheritance tax consequences this Christmas....
top of page
Search
Pro Tax Plus Accountants
Dec 25, 20192 min read
Give away £3,000 IHT-free each year.
There are various exemptions for inheritance tax purposes which enable a person to make tax-free gifts. One of the more useful is the...
18 views0 comments
Pro Tax Plus Accountants
Dec 25, 20192 min read
Savings income – how is it taxed?
The taxation of savings income can be complicated as there are various allowances and rates that come into play. However, most people are...
21 views0 comments
Pro Tax Plus Accountants
Dec 25, 20192 min read
Subsistence expenses – using the benchmark scale rate
The option to pay employees flat rate subsistence expenses tax-free can be an attractive one; the employees are clear on what expenses...
14 views0 comments
Pro Tax Plus Accountants
Dec 25, 20192 min read
Claim a deduction for pre-trading expenses
As a general rule, a deduction is allowed for expenses that are incurred wholly and exclusively for the purpose of the trade. Thus, for...
7 views0 comments
Pro Tax Plus Accountants
Dec 25, 20193 min read
Inheritance tax – making tax-free gifts
There are various exemptions, and potential exemptions, which make it possible to make gifts free of inheritance tax. Making tax-free...
8 views0 comments
Pro Tax Plus Accountants
Dec 25, 20192 min read
Cash basis for landlords – when does it apply?
The cash basis simply takes account of money in and money out – there is no need to worry about debtors and creditors and prepayments and...
11 views0 comments
Pro Tax Plus Accountants
Dec 25, 20193 min read
Residence nil rate band
Residence NIL Rate Band and downsizing The residence nil rate band (RNRB) is an additional nil rate band, which is available where a...
25 views0 comments
Pro Tax Plus Accountants
Dec 25, 20192 min read
Private lettings relief
Lettings relief potentially shelters some of the gain from capital gains tax on the disposal of a property which has been an only or main...
12 views0 comments
Pro Tax Plus Accountants
Dec 25, 20192 min read
Tax-free mileage allowances
Employees often use their own cars for work, usually claiming expenses in the form of a mileage allowance to cover the costs. While it is...
7 views0 comments
Pro Tax Plus Accountants
Dec 25, 20192 min read
Beware tax scams
HMRC regularly warn taxpayers to be alert to fraudsters purporting to be from HMRC. Recently, they announced that in the last year they...
10 views0 comments
Pro Tax Plus Accountants
Dec 25, 20192 min read
A quick overview of capital gains tax
Capital gains tax is payable on net gains to the extent that they exceed the annual exempt amount. Capital gains tax is a tax on the...
24 views0 comments
Pro Tax Plus Accountants
Dec 25, 20192 min read
Making money from your spare room
Under the rent-a-room scheme, it is possible to earn tax-free income from letting out a furnished room in your own home to a lodger. You...
13 views0 comments
bottom of page