You are selling a buy-to-let property for more than you paid for it. You have been told that you will need to file an extra tax return with HMRC and pay any capital gains tax (CGT) straight away. Is this correct? Tax Partner Kenny Adamson, looks at the consequences. CGT returns Even though this was...

This is a valuable relief for gifts to UK charities; the gift is made out of the donor’s taxed income and the charity benefits by claiming basic rate tax on the value of the gift.

There are different situations when one person may wish to gift a property to another. This process has tax implications depending on the circumstances, and whether the property is a main residence or a second property, Tax partner, Kenny Adamson, takes a closer look. Capital gains tax The basic rule is that if a property...

Should VAT be charged when renting rent out a desk? Q. A business allows one of its subcontractors to use a desk and chair in its office, they also have use of the communal kitchen and toilets. The subcontractor pays the business a fixed amount each week, irrespective of how much time is spent there....

“To qualify as a furnished holiday let, properties: • must be available for short-term letting to the public for 210 days and actually let for 105 days or more in each tax year. • should not be used as a long-term let of over 31 days for significant periods. The distinction for a furnished holiday...

HMRC is getting better at detecting and penalising people who make extra income but don’t declare it. With that in mind if you have a small side venture to make some extra cash, is it always necessary to declare it to HMRC?  Audrey Rankine outlines the details in this article. Naturally, HMRC is interested in...

If you own the trading premises of your business, charging rent can be a good way to extract income. The trouble is it can increase any capital gains tax (CGT) payable if you sell the property. Can the income tax saving justify the extra CGT? Kenny Logan from our Edinburgh office takes a closer look....

James owns a residential property which has been let for many years and he is considering selling it but will lose a large amount of the proceeds to HMRC. What are the options for reducing his capital gains tax (CGT) bill? Head of Tax Christiaan Hansen highlights some of the options available. Capital gains James...

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...

Can a director take a company vehicle out of the business to sell? Q. A company director bought a car through his business on finance, it has been a company vehicle for a few years. The finance is now paid off, and he would like to sell it, but as the business is VAT registered,...