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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...
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...
Replacement of Domestic Items Relief

Replacement of Domestic Items Relief

Relief is given for the replacement of domestic items to all landlords of residential property, regardless of the extent to which the property is furnished – the previous wear and tear allowance was only available for furnished properties. The relief is not...