From 6 April 2020 new rules apply to residential property gains liable to capital gains tax and from that date, UK residents will be required to make a return and a payment on account of the capital gains tax due within 30 days of the date of disposal of sale.
In his Budget on 29 October 2018, the Chancellor outlined a number of changes to main residence relief. The changes affect the final period exemption and the availability of lettings relief, which applies where a property which has at some time been an only or main residence, is let out.
Make the most of Capital Gains Tax (CGT) which is normally paid when an item is either sold or given away.
HMRC have introduced new rules for taxation of termination payments to prevent manipulation of the system which took affect at the beginning of December 2018.
We’d like to wish you a very Merry Christmas and a very Happy New Year!
In a recently published report the House of Lords’ Economic Affairs Committee has stated that the greater powers given to HMRC to tackle tax avoidance and evasion are undermining the rule of law and justice.
There are various exemptions, and potential exemptions, which make it possible to make gifts free of inheritance tax. Making tax-free gifts is a useful way to reduce the value of your estate – and ultimately the inheritance tax that may be payable on gifts.
Here at Bedrock customer service is important to us and we’d like to share a bit of unsolicited client feedback we recently received.
HMRC is warning university and college students that they are being targeted by scammers with fake tax refunds in an effort to steal money and personal details.
The Chancellor Philip Hammond has confirmed in his recent budget announcement that the VAT threshold will stay at the current level of £85,000 until April 2022