The First-tier Tribunal (FTT) recently considered whether money from property sales was trading income or capital gains, and if private residence relief was due. The FTT ruling provides useful guidance on both issues. What’s the full story? CASE Mr Campbell bought and sold four properties in little over five years. He made a substantial profit...

You have decided to sell a property that until two years ago was let as holiday accommodation. Since then, you and your family and friends have used it for the occasional weekend. Does the special lower rate of capital gains tax still apply to the gain you make? As you’re probably aware, higher rates of...

If you’re driving an old petrol company car, you and your company could be paying a lot in tax and NI charges. You could purchase a new electric or low emissions car, but is there a cheaper way to cut your tax bill? Tax breaks for electric cars Whilst sales of electrically powered cars hit...

With increasing fuel costs, employees have been asking whether the amount they are reimbursed for business travel in their own car can be increased. The government has recently clarified its guidance on this. What are the rules?  Naomi Swan discusses below. Tax-free mileage rates The HMRC approved tax-free mileage rates for 2022/23 (which are the...

Brexit and the pandemic resulted in many workers leaving the UK to return to their home country. If you have employees dotted around the globe, what are your payroll obligations?  Head of Payroll Joanne Gibson discusses below. If an employee is not tax resident in the UK, generally you don’t need to deduct PAYE unless...

You are planning to join a local business association to help with networking and promotion. This includes access to a monthly dinner with a guest speaker. Does the business entertainment aspect affect the tax deductibility?  Kenny Logan from our Edinburgh office discusses. Quite often, business organisation meetings are also social occasions where food and drinks...

Following huge rises in petrol and diesel prices, you may be wondering if now is the time to make the switch to electric company cars, as you understand there are tax benefits in doing so. But what tax breaks are available?  Charley Fojcik discusses. Where an employee has a company car which is available for...

A VAT-registered rugby club will be paid £15,000 each year from an insurance company in return for the right to purchase the club’s entitlement to tickets for international matches. Is this subject to VAT?  Gail Trojan discusses below. VAT is defined as a tax on the supply of goods or services made in the UK...

Following on from last weeks blog, the pressure of public opinion, the IMF, the financial markets, and other Conservative MP’s has led to Kwasi Kwarteng doing a sharp U-turn in respect of the abolition of the 45% additional rate of tax. Although the remaining budget still favours the wealthy more than the average taxpayer, the...

You have just completed your first year of a property rental business during which you spent a lot of money getting the properties ready for letting. You spent money on redecoration, repairs, structural work, fixtures, fittings and furnishings. How much of this expenditure is tax deductible?  Sam Scott from the Tax Team advises in this...