Despite rising tax charges year on year, many people still enjoy the convenience offered by a company car. The benefit in kind tax rules reward those who choose cheaper, lower emission cars with a lower tax bill.
Main residence relief (private residence relief) protects homeowners from any gains arising on their only or main home. However, there are conditions to be met for the relief to be available.
If you have a holiday home and decide to let it out, you may be able to benefit from the slightly more generous tax rules that apply to furnished holiday lettings as compared to other types of let, such as a residential let.
Dividends are a special case when it comes to tax and have their own rates and rules. The taxation of dividends was radically reformed from 6 April 2016 and the rules outlined below apply to a dividend paid on or after that date.
In most cases, employees will be able to claim back any expenses that they incur in doing their job from their employer. However, where the employer will not reimburse the employee’s expenses, there may be tax relief to be had.
Change is on the horizon – from April next year, the self-employed will only pay one Class of National Insurance rather than the two currently payable.