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These are difficult times for most young people buying their first home, or for recent first-time buyers trying to keep up with their mortgage payments. Some offspring will need help from their parents to get (or stay) on the property ladder.
Mark McLaughlin looks at some inheritance tax points to consider for parents wishing to help adult offspring manage their mortgage debts.
It is not uncommon, in these cash-strapped times, for construction companies to start work on a housing project and either run out of money or stop building due to a lack of demand for the houses.
Andrew Needham looks at what is known as the ‘golden brick’ and its effect on the VAT treatment of new residential property in the construction industry.
Surprising loved ones with a gift can potentially backfire on the donor, who may end up with a tax charge in exchange for giving up the asset.
Moneeza Siddiqui outlines tax implications of assets gifted or sold at an undervalue.
For most of us, the house in which we live – our ‘only or main residence’ in the terms of the tax legislation – is our most valuable asset. For many of us, it is one that has increased in value substantially over the years.
Richard Curtis considers the basic principles of the capital gains tax exemption for only or main residences.
When deciding whether to incorporate a business, tax is clearly a major factor; but it is not the only one, as a company is a separate legal entity – a body corporate, and one which needs to be properly managed by its officers.
Chris Thorpe points out how a company could benefit a business, and what directorship entails.
The starting (savings) rate band for interest income is one of the most difficult concepts for taxation students (and some tax qualified professionals!) to understand, so it is not a surprise that most taxpayers without detailed technical tax teaching, do not understand it either.
Meg Saksida considers the operation and practical implications of the income tax starting rate band for savings.
Remuneration comes in many guises, usually as salaries, bonuses or benefits-in-kind, all being subject to tax and National Insurance contributions (NICs) unless the payment or benefit is specifically exempted (e.g., long-service awards).
Jennifer Adams notes there are instances where choosing to take a benefit-in-kind rather than salary may not produce a reduction in tax or National Insurance contributions for employee or employer.
There is no ‘one size fits all’ as far as National Insurance contributions (NICs) are concerned. Different types of contributors pay different classes of NICs. Some classes secure entitlement to the state pension and contributory benefits; others are more akin to a tax. Some classes are earnings-related, whereas other classes of contribution are payable at a flat rate.
Sarah Bradford outlines National Insurance contributions changes affecting the self-employed from April 2024.
Many company owners wish to incentivise and retain key employees by offering share option schemes through the company, or simply by arranging for the company to issue shares to those employees.
Mark McLaughlin outlines an arrangement allowing a company’s employees to benefit from the growth and success of the business without owning part of it.
The cash basis for unincorporated trading entities was originally introduced by FA 2013 to apply from 2013/14 (FA 2013, Sch 4).
Lee Sharpe considers how the cash basis has developed and why HMRC is so keen on the cash basis for landlords, the self-employed and partnerships.
Making pension contributions is a tax-efficient way of saving for retirement. The planning and timing of pension contributions can also contribute to a tax-efficient remuneration strategy for owner-managed businesses.
Joe Brough outlines the tax relief available when making pension contributions.
Property partnerships seem popular these days – typically, as a stepping-stone to greater things. Regular readers will know that I have long criticised HMRC’s published position on whether a property partnership exists, as distinct from simply co-owned property. My argument is that HMRC has drawn up its guidance to set an unreasonably high threshold to ‘make the grade’ as a partnership.
Lee Sharpe looks at whether a joint property letting activity amounts to a partnership, and why it is relevant to landlords.
It is not uncommon for an elderly parent (usually widowed) to make a lifetime gift of their home to adult offspring. This may be done for non-tax reasons (e.g., in the hope of sheltering against future care home costs; specialist advice would be needed on this point), or to reduce exposure to inheritance tax (IHT) on their death estate.
Meg Saksida explains the circumstances where this valuable tax relief is available and beneficial.
Making tax digital for income tax self-assessment (MTD for ITSA) is part of the government’s tax administration strategy.
Under MTD for ITSA, businesses and landlords will be required to maintain digital records and use compatible software to submit updates to HMRC each quarter.
Sarah Bradford explains how making tax digital for income tax self-assessment will affect landlords and outlines some simplifications announced at the time of Autumn Statement 2023.
Principal private residence (PPR) relief broadly applies to gains accruing to individuals on the disposal of (or of an interest in) all or part of a dwelling house which has (or has at any time during their period of ownership) been their only or main residence.
Mark McLaughlin looks at the capital gains tax principal private residence relief position if an old dwelling is demolished and a new one is built in its place.