UK property & capital gains tax reporting rules

23 Dec 2020 | Tax

If you sell a second home or buy-to-let property and it attracts a gain, this needs to be reported and any capital gains tax paid within 30 days of the completion date or late-filing penalties apply.

Mortgage interest relief to be phased out in April

27 Jan 2020 | Tax

Residential landlords have had a rough time of it over the last few years and their ability to claim mortgage interest relief will end in April. Before April 2017, borrowing money through a buy-to-let mortgage was a tax-efficient method for residential landlords....

Off-payroll working in the private sector

23 Dec 2019 | Tax

Large and medium-sized businesses that use contractors have been gearing up for off-payroll working rules extending to the private sector next spring. From 6 April 2020, private firms are set to assume responsibility for deciding if a contractor supplies a service as...

Tax changes for 2019/20

25 Mar 2019 | Tax

The winds of change are blowing through this spring, although they are nowhere near as strong as those that saw two new income tax bands introduced last year. That’s when the starter and intermediate rates were brought in as Derek Mackay exercised his right to alter...

Draft Budget: how will it affect you?

28 Dec 2018 | Budget, Tax

When Derek Mackay revealed his last Draft Budget in December 2018, not many people predicted the introduction of two new income tax bands. Nothing as radical was announced this time around, following the finance secretary’s decision to freeze the income tax rates for...