New state pension and contracted-out NICs

Most people will be aware that the state retirement pension system has changed for people who reach state pension age on or after 6 April 2016 – that is men born after 5 April 1951 and women born after 5 April 1953. The full new state pension is currently...

Rent a room scheme

Although Budget 2017 announced that the Government intends to review the rent-a-room scheme, it currently remains a tax-efficient way of letting out a spare room. Broadly, HMRC’s rent-a-room scheme is an optional exemption scheme, which allows individuals to...

VAT zero-rating of adapted motor vehicles

VAT: zero-rating of adapted motor vehicles Finance Act 2017 introduced legislation designed to end perceived abuse of the VAT relief on substantially and permanently adapted motor vehicles for disabled wheelchair users. The amended rules, which took effect from 1...

Working from home

Working from home Over recent years, it has become increasingly popular for employers to allow their employees to work from home, and in doing so, pay an amount to cover any additional household costs incurred. What are the tax implications of such expenses for the...

CGT annual exemption: use it or lose it!

CGT annual exemption: use it or lose it! Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling various types of assets including properties (but generally not a main residence), stocks and...

Reform of landlords’ taxation?

Reform of landlords’ taxation? The government’s plans to allow landlords to use the cash basis for tax purposes were confirmed in the 2017 Spring Budget, but although the proposed legislation was included in Finance Bill 2017, it did not appear in the much...