Most people are aware that cash donations to a charity can qualify for tax relief. However, it is less well known that gifts of land, property and qualifying shares can also provide valuable tax advantages.
If you donate land, property or shares to a UK charity, or sell them to a charity for less
Keeping your skills and knowledge up to date is important but the cost of professional training can add up. If you are self-employed some training costs may be claimed as allowable business expenses.
Training costs can usually be claimed where the course helps you improve skills or knowledge that
As a self-employed individual, whether a sole trader or partner, you must keep accurate records of your business income and expenses to back up your self-assessment tax return. You should also keep your personal income details up to date. Nominated partners will also need to keep partnership
If your personal details or circumstances change, you may need to tell HMRC as this could affect your tax position or entitlement to certain benefits.
You should notify HMRC if you get married or form a civil partnership, or if you divorce, separate or stop living with your husband, wife or
If you are self-employed, you may be able to claim tax relief on certain business insurance costs as an allowable expense. This means the cost can be deducted when calculating your taxable profits, reducing the amount of tax you may need to pay.
The insurance must relate to your business activities
Members of a Limited Liability Partnership (LLP) are normally treated as self-employed for tax purposes. However, special rules can apply where a member’s terms of membership are more akin to the terms of an employee than a partner in a traditional partnership. These are known as salaried
When renting out property, landlords may have both Income Tax and National Insurance considerations to consider. However, rental income is generally taxable.
For individuals, the first £1,000 of rental income is tax-free under the property allowance. Where rental income exceeds this, landlords may
The meaning of trade for tax purposes, often referred to as HMRC’s “badges of trade” test helps determine whether an activity is a genuine business or simply a personal hobby. While the test is not definitive, it provides important guidance on how HMRC views different activities. At some
When a couple separates or divorces, most attention focuses on the emotional and practical aspects. However, it is important to consider the tax implications of transferring assets, as these can have significant financial consequences if not managed carefully.
It is most important to consider if
The new rules will allow companies to raise more capital under the following schemes although investors will need to factor in reduced VCT Income Tax relief when assessing opportunities.
The Venture Capital Trusts (VCT) and Enterprise Investment Scheme (EIS) are designed to encourage private