Tax Insights

Income shifting or splitting is a perfectly legitimate form of tax planning, provided you are careful not to overstep the mark and trigger tax anti-avoidance rules. Most commonly, the basic…

As you may be aware VAT registered business have had to register for Making Tax Digital (MTD) since 1.4.2019. However, as from April 2026, MTD will also apply more generally…

Since April 2019 all businesses with ‘taxable turnover’ that is above the VAT registration threshold of £85,000 have had to follow the Making Tax Digital (MTD) rules. It is important…

It’s not uncommon to see a VAT-registered contractor incorrectly charge a property owner 20% VAT when the reduced 5% VAT rate should be charged. If you are the contractor it…

Replacement domestic items relief In 2016 the ‘10% wear & tear allowance’ for residential letting landlords was replaced by a deduction for expenditure on the ‘replacement of domestic items’ (eg…

A gain made on the disposal of an individual’s only or main residence can be exempt from Capital Gains Tax (CGT) thanks to the tax relief known as ‘Principal Private…

If you are self employed or in partnership and you make a trading loss, you may be able to reduce your overall tax bill by offsetting that loss against the…

In most cases, contractors will need to add 20% VAT to the supply of their construction services, and that will add 20% to the costs of any customer who can’t…

Ordinarily, individuals are taxed only on their personal share of any income or gain that arises from an asset that is ‘jointly owned’ with someone else . However, if you…

If you are the owner manager of your own company and you have distributable profits Make sure: a) you and your family take advantage of the tax free dividend band.…