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,...

You sold your house and moved to a new one a few weeks ago, you thought all of the paperwork was complete, but someone tells you that you now need to tell HMRC about the sale or face a fine. Are they right? Property expert Wendy Noble provides the answer. The rules for reporting the...

Mrs A is the executor of her mother’s estate. Some valuable items were left to her and her sister. She wants to sell several of these to pay debts of the estate. Will there be any tax and if so, who is responsible for it? Family tax expert Brona MacDougall provides the answers. Administering an...

Rishi Sunak has written to the Office of Tax Simplification (OTS) requesting a review of the Capital Gains Tax (CGT) regime. He asks the OTS to determine whether the rules are ‘fit for purpose’ and whether they could be simplified. He also asks them to address ‘areas where the present rules can distort behaviour or...

Major changes to the tax regime for gains made from the sale of residential property will take effect from April 2020. They will affect how and when you’re required to report and pay capital gains tax. What’s the full story? Brona MacDougall finds out. Current CGT deadlines Currently, capital gains made by individuals are reported...

New capital gains tax rules could cost accidental landlords thousands of pounds when they sell their former home in changes that were confirmed by HMRC. The new rules could affect over half a million landlords when they come to sell, Brona MacDougall takes a closer look at the details and the implications. Measures announced earlier...