£7,500 tax free? Game, set and match to the rent-a-room scheme
HMRC’s rent-a-room scheme allows owner-occupiers and tenants to receive tax-free rental income if they provide furnished accommodation in their home.
Action needed by trusts to comply with beneficial owner register requirements
Action is needed by trusts to comply with a new requirement for a beneficial ownership register for trusts operated by HMRC. New trusts within the scope will need to register by 5 October 2017 and information on existing trusts must be provided by 31 January 2018.
Could your Facebook updates be used to determine your grandchildren’s tax status?
A tribunal case to determine whether a group of siblings were domiciled or non-domiciled for tax purposes had to look over the life of the claimants’ grandfather from his birth in 1930. Of particular interest was a ‘farewell party’ held in 1951 before the grandfather moved to Brazil. Could this help establish an intention to live overseas indefinitely or permanently?
Can your furnished holiday lettings qualify for business property relief?
It has long been understood that rental properties are generally treated as investment assets, however, benefit from some tax advantages by being treated as a trade for income and capital gains tax purposes by virtue of specific legislation.