Repayment of the higher rates of Stamp Duty Land Tax

Stamp Duty rates were increased for second homes from April 2016; individuals purchasing a second home, or a buy-to-let investment property were subject to higher rates. The rules extended to those purchasing a property that they intended to move into as their main residence whilst still owning another residence.  Married couples are also treated as being joint purchasers regardless of… Read More

What is the trading allowance?

What is the trading allowance? In April 2017 HMRC introduced a ‘trading allowance’ for people with side hobbies or other sources of casual or miscellaneous income.  The allowance exempts up to £1,000 of gross income per tax year for hobby activities such as cake sales, dog walking, photography, arts and crafts or earnings from semi-professional activities like sporting appearances or… Read More