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All you need to know about Capital Gains Tax on Inherited Properties…

As we all know the only certainties in life are death and taxes!! So, what happens if you inherit a property following a death?

Is Capital Gains tax due on an inherited property?

Well, the short answer to that is no. If the estate’s value exceeds the nil rate band, even after exemptions and reliefs, then inheritance tax (IHT) will only be due on the excess.

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What is the flat rate scheme, and can it be beneficial to your business?

The idea behind the VAT flat rate scheme is to simplify VAT accounting and decrease the administrative burden associated with VAT implantation.

The end result being to reduce the cost of VAT obligations.

Theoretically speaking the scheme won’t be suited to all businesses and before applying a business should compare how much VAT would be payable to HMRC compared with how much would be payable otherwise.

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Personal Service Companies and IR35

The IR35 rule is in place to stop any avoidance of National Insurance Contributions (NICs) and tax via the use of partnerships and personal service companies (PSC).

But, what’s that you say? That HMRC are clamping down on the tax advantages?

Well, put simply yes, HOWEVER...with the correct advice and guidance possible liability to the IR35 rules can be minimised in a legal and effective way.

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How to Calculate (“CGT”) Capital Gains Tax

Capital gains tax can be very simple… but can be extremely complex too.

There are a number of strategies you can use to minimise capital gains tax (“CGT”), but firstly it is important to understand the current rules and how capital gains tax (“CGT”) is calculated.

In this case study we are going to look at a property investor David who sells his Buy-to let House to show you how CGT is calculated.


Understanding the taxation of small company dividends

How can they help reduce your tax?

What are the benefits of dividend use for husband & wife companies?

Last year the taxman started taking exception to this and has printed guidance affirming that in many partner companies the legislation on settlements might apply.

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How does Capital Gains Tax affect buy to let properties?

Discover how to reduce your CT tax and save thousands…

Are buy to lets still classed as a sound investment?

Over the period of property ownership, landlords may have to deal with several tax liabilities including capital gains on buy to let properties.

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The benefits of a limited company….

How limited companies can reduce tax…

Highlighted in the Daily Telegraph was an article recently that has undoubtedly caused a stir, especially in the world of tax.

The main focus being what is defined as ‘a controversial tax manoeuvre’ under which a property portfolio that was subject to mortgages, could be transferred to a Ltd Co without having to re-arrange all of the mortgage finance.

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Using a UK company can save you thousands BUT is this really true???

So, when does using a UK company become non-beneficial?

Many articles have been written about when a UK company should be used. There are plenty of websites that are dedicated on how to use a company and how it can save you thousands.

Quite often this is correct, however, this article is going to outline examples when using a company would not be beneficial.

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Bad news for landlords - is selling becoming too costly

To sell or not to sell, that is the question…

With the new regime to restrict tax relief for interest costs, many landlords have been left contemplating their options.

There could be a nasty surprise waiting for those who make the decision to ‘sell up’, believing that it will be the cheaper option.

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