making the most of pension tax allowances

Pension savings can be tax efficient if done correctly as contributions to registered pension schemes attract tax relief up to certain limits. limit on tax relief Tax relief is available on private pension contributions of 100% of earnings or £3,600, whichever is the greater. This is subject to the annual allowance [...]

reduced payment window for residential property gains

Currently, capital gains on the sale of residential property in the UK are reported on the self-assessment tax return and the total capital gains tax liability for the tax year is payable by 31 January after the end of the tax year. For example, the capital gains tax on residential [...]

what to do if you need to change your tax return

If, like us at Appleleaf Accountancy, you made it and breathed a sigh of relief at the end of January after meeting the self-assessment tax return deadline for 2018/19, well done it is out the way for another year. However, what can you do, if anything, if you suddenly realise [...]

allowable finance costs

Although the way in which landlords obtain relief for finance costs on residential properties is changing, there is no change to the type finance costs that are eligible for relief. what qualifies for relief The basic rule is that relief is available for expenses that are incurred wholly or exclusively for [...]

using company vans for tax-free home to work travel

As a general rule, travel between home and work is regarded as private travel and if the employer meets the cost of that travel, a benefit-in-kind tax charge will be triggered. However, it is possible for employees with a company van to use that van to travel between home [...]

utilising the 2019/20 dividend allowance

The dividend allowance is quite unusual in that it is available to everyone and everyone has the same allowance. For 2019/20 the allowance is set at £2,000. In common with many allowances, it is a case of use it or lose it. As the end of the 2019/20 tax year [...]

IT consultant held contract for services

HMRC’s application of the IR35 rules remains ambiguous after an IT contractor successfully appealed to the First Tier Tribunal (FTT) against a tax charge arising under the intermediaries' legislation. In RALC Consulting Ltd v HMRC [2019] TC 07474, the FTT allowed an appeal against HMRC's determination that IR35 applied because [...]