Income from selling services online
Many taxpayers supplement their income by selling services online. This is often known as the 'sharing economy' or the 'peer-to-peer economy' and usually involves taxpayers renting out something they
Category: Income Tax
A reminder to consider a carry back of charitable contributions
Donations to charity over the course of a tax year can add up and taxpayers must ensure they keep a proper record of all donations to record them on their tax return. Donations that are made through
Reasonable excuse for late filing of your tax return
Taxpayers that have not yet filed their 2016-17 self-assessment returns will have been charged an automatic £100 penalty for late submission. The penalty applies from 1 February 2018 even if no tax
Did you file before the deadline?
HMRC revealed that, as of 24 January 2018, there remained over 3 million taxpayers who had not yet submitted their 2016-17 self-assessment returns. This left a lot of people with a lot of work to do
Holiday let property – reminder to check your occupancy stats
The Furnished Holiday Let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade and therefore qualify for additional tax benefits. In order to
Are you paying tax at 60%?
For high earning taxpayers, their Income Tax personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This creates an effective marginal
Autumn Budget 2017 – Income Tax Rates & Allowances
The Chancellor has confirmed that from 2018-19 the personal allowance will increase to £11,850 (an increase from the current £11,500) and the basic rate limit to £34,500. As a result, the higher rate
Are your earnings approaching £100,000?
For high earning taxpayers the personal income tax allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. Adjusted net income is total taxable
Change to tax relief on re-mortgaged buy-to-let property?
HMRC’s guidance on paying income tax when you rent out a property has been updated to reflect the new restriction on tax relief for finance charges incurred since April 2017. The tax relief on finance
Landlords’ finance charges restrictions
The government’s move to restrict the tax relief landlords receive on finance charges started to take effect from April this year. This is the first year that finance charges are being restricted. The