“What’s stopping you buying a house living in it for 6 months whilst renovating then sell for profit and no capital gains tax on primary residence? I’m guessing there is some catch somewhere?” In short yes. Absolutely! There is a catch. The main premise of the question is based on the fact that people can […]
Monthly Archives: May 2025
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May
The Public Accounts Committee has delivered a pretty scathing review of HMRC with their latest report headed “As tax collection costs rise, HMRC urged to put customers first – and be ready to adopt AI”. Will they? I’ve written before about the obvious efficiencies that could be achieved if HMRC were to put their new […]
Alongside tax reforms, HMRC’s Spring 2025 update introduces a variety of regulatory changes that will affect how small businesses operate and interact with government systems. Here’s what’s new: 1. Cultural Gift Scheme Reform Updates to the Cultural Gift Scheme will remove restrictions on jointly owned objects and allow more flexibility in how tax credits are […]
Unless you’ve been under a rock, or never researched different property owning structures, you will heard of an LLP. You might not know what one is but those three letters will be familiar. To some LLPs are a silver bullet that solves all ailments. For others they are a complete irrelevance. In markets that are […]
1 May 2025 – Due date for corporation tax due for the year ended 30 July 2024. 19 May 2025 – PAYE and NIC deductions due for month ended 5 May 2025. (If you pay your tax electronically the due date is 22 May 2025). 19 May 2025 – Filing deadline for the CIS300 monthly […]
MTD for Income Tax kicks off in April 2026 for those earning over £50k. Digital records, quarterly updates, and tougher penalties are on the way. If this affects you, it’s time to get ready. Designed to modernise the tax system and improve accuracy, MTD will significantly change how Income Tax is reported and paid. With […]
Want to make the most of your pension savings? You could claim up to 45% tax relief on contributions, plus carry forward unused allowances. Here’s how to boost your retirement pot with generous HMRC incentives. Tax relief on private pension contributions is generally available up to 100% of your annual earnings, subject to specific limitations. […]
Child Benefit has risen for 2025-26: £26.05 for eldest, £17.25 for others. Claim continues to age 20 in approved education. HICBC still applies for incomes over £60K – but PAYE option coming this summer! The child benefit rates for the only or eldest child in a family increased to £26.05 (from £25.60) for the 2025-26 […]
HMRC has announced that interest rates for late payments will increase by 1.5% for all taxes starting 6 April 2025. This change, which was first announced at Autumn Budget 2024, will raise the late payment interest from the current base rate plus 2.5% to base rate plus 4.00%. This adjustment applies to most taxes. Late […]
The Spring 2025 Tax Update brings a series of reforms aimed at simplifying tax administration and reducing burdens for UK businesses. Here’s a breakdown of the key changes: 1. Capital Goods Scheme Simplification The government plans to simplify the Capital Goods Scheme by removing computers from the assets it covers and increasing the capital expenditure […]