Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity is a business. Factors like profit motive, transaction frequency, and asset changes help determine if tax rules apply to your earnings. The ‘badges of trade’ tests, although not definitive, serve as important tools for HMRC […]
Mayank Patel has started something a little unusual. A property show on the radio! His show on Spice FM is gathering listeners and I was lucky enough to be part of his journey. I was on the show a couple of weeks ago and we talked about all kinds. You can listen to […]
I ran this as a poll in my Landlord Tax WhatsApp Group (join below!) after being asked it by one of the members. The simple answer is yes! Before we get on to the reasoning how did the group do? Well out off 11 respondents 9 got the answer right and 2 got it wrong. […]
A lot of landlords keep an old home and turn it in to a rental. What does that do to the tax on the growth in value? It might not worth how you think. Let’s paint a scenario. Bob bought a house in 1989 for £250,000. He moved out of it in late 2007 […]
I was asked this week to give an indication of tax due on a property sale. The chap asking said he had already had someone out that had given him a figure. Based on a quick fact find I said I thought his figure was too low. We went through the details and figured out what was […]
Tax compliance has always been a necessary but time-consuming aspect of running a business. However, recent reports highlight a worrying trend: the cost of staying compliant with UK tax regulations is rising significantly. According to the National Audit Office (NAO), businesses are now spending at least £15.4 billion per year just to meet their tax […]
In today’s digital age, online meeting platforms such as Zoom and Microsoft Teams have become an integral part of how businesses operate. Whether you are working remotely, collaborating with colleagues across different locations, or engaging with clients, these tools offer undeniable convenience. However, like any technology, they come with both advantages and disadvantages. Advantages of […]
On 24th February 2025, the Arbitration Act received Royal Assent, marking a significant milestone in modernising dispute resolution in England and Wales. This new legislation is set to bolster the UK’s position as a global leader in arbitration, attracting more international businesses and investments. Arbitration offers companies a quicker and more cost-effective alternative to traditional […]
Regular readers will be sick of me talking about this but I just spotted that HMRC have issued a video on their YouTube Channel confirming that very few properties will be able to qualify for a reduction in SDLT. As they highlight in the video (it’s only a few minutes long!) that scammers are […]
This very common question came up again recently. Married couples (and indeed civil partners) have something slightly unusual about the way they are taxed. Ever since independent taxation was introduced (in the early nineties from memory!?) there has been a rule that states the income from jointly held property will always be taxed 50/50 […]