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Contractors

Contractors

Contractors usually either operate through their own limited company, or through an umbrella company. An umbrella company is a standard UK limited company, operated by a third-party supplier, which contracts with employment agencies or clients on behalf of...
Self Employed Expenses

Self Employed Expenses

The broad rule is that expenses are allowable if they are ‘wholly and exclusively’ incurred for the purpose of the trade or profession. Often expenses don’t seem to meet this rule but are still allowed. This is because the legislation also says that when an expense is...
Divorce

Divorce

There is no general tax exemption on divorce, although there are some specific reliefs available. Maintenance between ex-spouses is always tax free for the recipient, but no tax relief is given to the payer unless either spouse was born before 1935. Marital home...
Capital Gains Tax

Capital Gains Tax

If an individual sells their only or main private residence, any gain is exempt from tax. This includes the garden up to 0.5 hectares, or a larger area if required for reasonable enjoyment of the residence. If the property has not been an individual’s main residence...
Property Losses

Property Losses

If a UK property business run by an individual makes a loss, that loss cannot be offset against the individual’s other income and gains. Instead, losses can be carried forward and set against future profits of the same business, indefinitely for as long as the same...