When selling assets on which capital allowances were claimed, you may need to adjust your taxable profits with a balancing charge or allowance. Understanding these rules ensures you don't face unexpected tax liabilities. Learn how to handle asset disposals correctly.Typically, the value of the asset sold is considered to be the amount for which it…
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Beneficial interests in jointly held property
Couples who jointly own rental property are usually taxed 50:50, even if they own different shares. But if you're married or in a civil partnership, Form 17 lets you split income based on actual ownership-provided you meet HMRC's rules.The standard tax treatment for couples living together, whether married or in a civil partnership, is that…
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Making Tax Digital for Income Tax
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you're self-employed or a landlord earning over £50,000, get ready for quarterly updates, digital record keeping, and a new penalty system.Initially, MTD for IT will apply to businesses, self-employed individuals, and landlords with an annual income exceeding…
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Tax Diary April/May 2025
1 April 2025 - Due date for corporation tax due for the year ended 30 June 2024.19 April 2025 - PAYE and NIC deductions due for month ended 5 April 2025. (If you pay your tax electronically the due date is 22 April 2025).19 April 2025 - Filing deadline for the CIS300 monthly return for…
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