PRIVATE RESIDENCE RELIEF - 22.10.2020
Buying property in stages: a risk to tax relief?
Property purchase is an area in which HMRC is taking more interest and transactions that look out of the ordinary may attract unwelcome compliance attention. Why do clients buying multiple properties in stages run a particular risk?
PROPERTY - 21.10.2020
Avoiding the buy-to-let interest restriction
You let a residential property which you bought with the help of a mortgage. Personal tax rules mean that relief for the loan interest is restricted. As you also own a company, can you transfer the income to it and so dodge the restriction?
INHERITANCE TAX - 19.10.2020
Protecting the value of your home from IHT
The residence nil rate band (RNRB) can increase the amount of your estate that will escape inheritance tax. When can the RNRB apply and what steps can you take to ensure that your beneficiaries benefit from the tax savings?
BUSINESS PROPERTY RELIEF - 24.09.2020
Funding a company: avoid an IHT trap
Your client owns a trading company that requires some extra capital. She is intending to take out a personal loan secured on her house to fund this. However, why might this lead to a problem with inheritance tax, and what can you advise?
IN THIS ISSUE AGRICULTURAL PROPERTY RELIEF - 27.08.2020
Farming clients: inheritance tax relief
One of your clients owns and operates a local farm. They are many years from retirement but have asked for a meeting to discuss relief from inheritance tax, particularly in relation to the large farmhouse. What are the key issues they need to look out for as they draw closer to retirement age?
VAT - 27.08.2020
When can your client revoke their option to tax?
Your client owns a commercial building with an option to tax election in place. They are looking to sell, but the only buyers that have shown an interest make exempt supplies, so wouldn’t be able to reclaim the VAT on the purchase price. Is there a solution?