Is professional gambling a trade?
A thought-provoking question that has been asked by one of our readers is whether professional gambling is a trade or not. The answer to this question might surprise you. According
Children’s savings and tax
All children in the UK have their own personal annual allowance. However, anti-avoidance laws prevent this allowance being utilised by parents of children aged under 18 with some
When might you be due a tax refund?
HMRC has issued helpful guidance that explains when you might be due a tax refund and how to make a claim.
According to HMRC you may be able to claim a refund if you:
are
Are you making money from a hobby?
The ‘badges of trade’ tests whilst not conclusive are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side line
When do you pay tax on lodger’s rents?
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home within certain limits to pay no tax on the lodger’s rents. The limit
Child Benefit claw-back
The High Income Child Benefit charge came into force in January 2013 and applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit.
Late filing of self-assessment tax returns
Taxpayers that have not yet filed their 2016-17 self-assessment returns, will have already been charged an automatic £100 penalty for late submission. The penalty applied from 1
Small amounts of property and trading income
There are two separate £1,000 tax allowances for property and trading income that have been available to taxpayers since April 2017.
The £1,000 exemptions from tax apply
Let property disclosure campaign
Landlords that receive letting income should notify HMRC by 5 October after the end of the tax year for which you start to receive that income. So, for the 2017-18 tax year that
Extra tax relief for married over 80s
The Married Couple’s Allowance (MCA) is available to elderly married couples or those in a civil partnership, where at least one member of the couple were born before 6 April 1935