George Osborne has laid his cards on the table and we now know what the tax landscape looks like for 2014-15 (subject to any changes before the Finance (No. 2) Bill 2013-14 receives Royal Assent). Here’s a list of the main changes:   For those born after 5 April 1948 the personal tax allowance is.. read more →

The new statutory residence test explained. Last year, HMRC introduced a new statutory residence test, which has been designed to provide greater certainty as to whether or not individuals are UK resident for tax purposes. It is a welcome development as many clients have faced years of uncertainty over their residence status. However as with.. read more →

A Budget for makers, doers and savers…. 1. Pensions – ‘far reaching reforms’ were announced, with tax restrictions being lifted allowing pensioners access to their pots. From April 2015 the 25% tax-free pot will continue, the excess currently suffers a 55% tax charge, this will be removed allowing the excess to be taxed at the.. read more →

Find out how the accounting treatment of investment properties held by individuals has changed.  Individuals who hold investment properties and receive rental income need to disclose the rental income on their tax returns. Until 5 April 2013 this had to be done using the accruals basis; however; from 6 April 2013 an individual with rental.. read more →

The period that private residence relief impacts on capital gains tax will be reduced from 6 April 2014. Private residence relief – or principal private residence relief – applies for capital gains tax purposes if the dwelling house or part of the dwelling house has been the individual’s only or main residence during some period.. read more →