The 6 April 2015 pension freedoms represented a major shift in how you can access your pensions. It means anyone aged 55 and over can take the whole amount as a lump sum, paying no tax on the first 25%. The rest is taxed as if it were a salary at their income tax...
It’s human nature to want to save money whenever realistically possible, and paying less in taxes is one way to achieve that. Figuring out what expenses are tax deductible, and the complexities of the tax system, can be a frustrating process. So, is business...
How can you secure IHT business property relief? Any ownership of a business, or share of a business, is included in the estate for Inheritance Tax (IHT) purposes. However, a business can qualify for relief from inheritance tax. Business Relief reduces the value of a...
There is a lot to know about workplace parking tax, and here at Thomas Nock Martin, we can certainly help. Workplace parking is defined as parking space for a car, van, motor or other cycle, at or near the workplace. HMRC’s guidelines indicate that...
Our previous article on capital allowances for landlords raised a few questions regarding HMO tax. As well as, where you stand if you rent a property with shared amenities, such as buy-to-let houses of multiple occupation (HMOs) or student houses. What is a HMO...
In April 2020, some important changes to the tax regime for gains made from the sale of residential property will come into effect. Here is a short summary of how they will affect the way you report and pay capital gains tax. Capital gains tax: currently...
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