Entries by Taxfile

Capital Gains Tax (CGT)

Capital gains tax (CGT) is a tax on capital “gains”. If when you sell or give away an asset it has increased in value, you may be taxable on the profit. This does not apply when you sell personal belongings worth £6000 or less. You might have to pay capital gains tax if you: • […]

Let Taxfile introduce you to VAT

Value Added Tax is a tax on consumer expenditure. It is collected on business transactions, imports and acquisitions. There are three rates of VAT: •standard rate, 17.5% •reduced rate, 5% •zero rate. Businesses charge VAT on their sales and this is known as output VAT and the sales are referred to as outputs. Similarly, VAT […]

Welcome to Taxfile Property & Lettings Taxation Blog

With increased interest in Buy to let and property investments, the private rented sector has attracted many changes in legislation. Every week we shall and attempt to familiarise ourselves with issues affecting existing and potential landlords and the Taxable allowances thereon incurred. Overall, the housing act 2004 introduced many changes affecting the private rented sector […]