Recent Posts

 
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+2 2 votes

Capital gains tax to apply to non-residents from April 2015

HM Revenue and Customs have issued a consultation document introducing the proposed capital gains tax charge on non residents owning residential property in the UK.

Currently non-residents are not subject to capital gains tax. The new charge will apply to non-residents on gains arising on UK residential property after April 2015.

T
ax will be charged at the same rates as for UK individuals of 18% or 28% depending on the level of income. .. ...

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+2 2 votes

2 Better Than 1? Introduction Of A Separate FRSSE SORP For Charities

The Charity Commission and Office of the Scottish Charity Regulator ("OSCR") have just announced that the final version of the new Charities Statement of Recommended Practice ("SORP") has been passed to the Financial Reporting Council ("the FRC") for their review and approval. The FRC are expected to approve the new SORP for issue by the end of June 2014, with it coming into effect for accounting periods commencing on or after 1 January 2015.

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+3 3 votes

Not Just For The Rich – Part 3 [Tax Advice]

The month of Easter brings with it the excitement of egg shaped chocolate, cute little bunnies and bank holidays. But, more importantly the new tax year has begun!

So for the final part of my free tax advice series here are some reliefs to bear in mind for 2014/15:-

  • Spend, spend, spend – A client of mine delivered 3 huge sacks of receipts to our office last year for me to sort through, which well & truly brought tears ...

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+5 5 votes

Not Just For The Rich – Part 2 [Tax Advice]

The week has flown by and the excitement of the 2014 Budget has come and gone leaving us here at Goodman Jones with plenty of tax consequences and planning to appraise for the coming tax year.


​With that in mind here are some things to consider before we start the tax cycle all over again:- 

  • Quids in –Most individuals are entitled to a personal allowance each year (£10,000 for the coming year 2014/15) which ...

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+2 4 votes

The Gift that Keeps on Giving [Charitable Donations]

 

You only need to watch programmes such as Children in Need and Comic Relief to realise what a wonderfully charitable lot we are in this country. From Lands End to John O’Groats, our incredible generosity knows no bounds.

Whether it be donating to the local Church, paying your National Trust subscription, signing up for a regular direct debit to a charity close to your heart or via payroll giving, most of us have made, to some .. ...

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+6 6 votes

Property owned in Corporate Structures - the net widens following 2014 Budget announcements


I previously wrote on this blog a post suggesting that HMRC were keen to widen the net to bring more properties into the tax rules concerning residential property owned within a Limited company, or other "non-natural person" wrapper.  

I did some research at that time and concluded that with property price inflation, even if the rules were not changed, the day wouldn't be too far away before many "modestly" priced London ...
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+8 8 votes

Not Just For The Rich [Tax Advice]


I was recently reading an article which complained how the rich were able to get away with paying so little tax because they could afford to pay for tax advice.  But a quick Google shows you just how much free advice is on the wonderful web. Moreover, you can get plenty of advice by joining the various blogs /forums where individuals are free to put their queries forward and advice will be fed back from a wide variety of opinionated ...
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+6 6 votes

Furnished Residential Lettings v Furnished Holiday Lets


Is there really that much of a difference between the two? Both are furnished, both are lettings but in the weird and wonderful world of taxation, they are poles apart.

Whilst cost is an obvious consideration when choosing a property to purchase, one cannot overlook the tax advantages and potential rental yield attributable to a furnished holiday let.

Imagine that the beautiful character cottage you have been holidaying at in Cornwall ...

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+4 4 votes

“Home is where the heart is” – but HM Revenue and Customs may not agree with you [Principle Private Residence Relief]

HMRC’s attitude to capital gains tax and residential property is changing and this change could potentially affect many home owners.

Currently an individual’s main residence is exempt from capital gains tax due to the generous main residence exemption commonly referred to as Principle Private Residence relief (PPR).

In most domestic property sales the relief will cover the entire capital gain on sale. If you own only one ...
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+7 7 votes

PAYE Coding Notices – Checking the Chaos


Many people do not realise the importance of checking PAYE coding notices; however you could be paying too much tax if your tax code is wrong. 

At this time of year HMRC start issuing PAYE coding notices for the coming year. These are based on the recent 12-13 tax return submissions. If your circumstances or income have changed since then it is likely that the tax return will be inaccurate.

To help tax payers get their tax codes ...