Personal tax

Tax deduction from benefits in kind claimWhere an employee is taxable on a benefit in kind resulting from the use of an asset owned by their employer and they partly use the asset for business purposes, the employee is entitled to claim a deduction f... Read more

Election to opt out of rental cash basisFor tax purposes accounts for income derived from property must be prepared on the cash basis unless the total income you receive from property exceeds £150,000 in a tax year. However, it can be advantageous n... Read more

Property rental business loss relief claimIndividuals, including members of business partnerships, can claim a deduction in the tax liability on general income where their property rental business has made a loss and all or part of that loss results ... Read more

Holdover relief claimWhen you give away an asset for no consideration, or knowingly sell it for less than it's worth, you will be charged capital gains tax based on the market value. However, you might be able to make a claim to hold this gain over de... Read more

Exchange of joint interest relief claimIf you swap a joint interest in land or buildings to rationalise your ownership you may be able to defer any capital gains tax that might have been chargeable as a result of the transaction.ReliefWithout special... Read more

SEIS reinvestment relief claimIf you make a capital gain you can reduce or eliminate any capital gains tax (CGT) payable by purchasing shares in a seed enterprise investment scheme (SEIS) company.GainsCGT is payable on gains made from the sale or tra... Read more

Letter to pension company requesting payment of annual allowance chargeIf you exceed the pensions annual allowance or where it applies the money purchase annual allowance, you will be liable to the annual allowance charge. Rather than pay it personal... Read more

Claim for quick succession reliefIf assets are inherited twice in a five-year period, a relief may be available to reduce the inheritance tax payable.IHTInheritance tax (IHT) is generally charged at 40% on the probate value of a death estate that exc... Read more

IHT gift from surplus income letterThere is an inheritance tax exemption for monetary gifts made out of your surplus income. To demonstrate that a gift has been made out of surplus income you should send a letter with each gift you make. Write a lett... Read more