Apr 2022 – Declaring Your Gain Correctly

Declaring your gain correctly Capital Gains Tax (CGT) will generally be due when you sell a second home or investment property. When you sell or transfer a UK residential property, you must declare any gain through your UK Property Account. This report must be made, ...
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Apr 2022 – Maximising Tax Relief on Company Pension Contributions

Maximising tax relief on company pension contributions Employer pension contributions are very tax-efficient. They will become even more so from April 2023, when corporation tax (CT) is increasing for companies with profits exceeding £50,000 to a minimum of 25%. Company pension contributions are free of ...
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Mar 2022 – Tax Free Rent

Tax-free rent When you let rooms in your own home as residential accommodation, you can receive the rent tax-free if it falls within the limits for rent-a-room relief. This relief is currently capped at rents of £7,500 per year. Where more than one person receives ...
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Mar 2022 – Let Properties

Let properties Individual landlords of residential properties can no longer deduct interest or finance costs from their rental income for tax purposes. In place of the blocked interest the landlord receives a 20% tax credit to set against their income tax bill. This restriction of ...
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Mar 2022 – Give and Save

Give and save Giving to charity under Gift Aid can result in a lower tax bill for the donor. Making a Gift Aid donation will reduce your tax bill for the year in which the donation is made if your total income is above the ...
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Mar 2022 – Reducing CGT Bills

Reducing CGT bills Everyone has an annual exemption for capital gains tax (CGT) of £12,300 for 2021/22. This is wasted if you don’t make capital gains in the tax year. You can’t carry forward any unused exemption to a different tax year or transfer the ...
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Feb 2022 – Risk With Tax Breaks As A Reward

Risk with tax breaks as a reward The Government encourages individuals to make high-risk investments in small trading companies or charities by providing income tax relief for investors in the following schemes (limits for 2021/22): • Social Investment Tax Relief (SITR): 30% relief on up ...
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Feb 2022 – Tight CGT Reporting Deadline for Residences

Tight capital gains tax reporting deadline for residences Contrary to popular belief, the profit you make when you sell your home, or a former home, is not automatically exempt from CGT. This tax exemption applies to gains that relate to periods in which you lived ...
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Jan 2022 – Will You Get A Full State Pension?

Will you get a full state pension? In order to receive the full state pension on reaching State Pension Age on or after 6 April 2016, you need to have accrued 35 complete years of National Insurance Contributions (NIC). To receive any amount of the ...
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Dec 2021 – Crossing The Threshold

Crossing the threshold When your total income reaches certain levels, it tips any extra income into a tax band where a higher rate of tax is charged. This can also mean you lose part or all of your personal savings allowance (PSA), personal allowance (PA) ...
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Nov 2021 – A Family View

A family view In the UK, everyone is taxed as an individual, but social security benefits, including tax credits and Universal Credit, are awarded on the basis of the family’s total income. Child Benefit is clawed back based on the income of the higher earner ...
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Oct 2021 – Where There’s A Will

Where there’s a Will... When you die, your executors or relatives need to sort out your affairs. This stressful task can be made easier if you leave a clear and up-to-date Will that has been drafted with tax in mind. They may also need to ...
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