In the latest ‘Any Answers Answered’ post, TAXtv hosts Giles Mooney and Tim Good discuss questions on an actor's accommodation expenses and capital gains on rented property.
AccountingWEB member mrs merton described an actor client who had picked up work in a theatre 200 miles from their home and found a flat there to stay in for seven months.
The client was concerned about the fact they were taking their wife and baby with them, and that this could create a problem where they wouldn’t be able to deduct accommodation costs.
Tim Good refers back to the Tim Healy case and explains all below.
The second post came from Amanda Lesley and concerned capital gains on rented property.
The client had built a new home and intended to sell his original home in which he had lived for a number of years. He was unable to sell it, so let it for four years. Eventually he found a buyer but wondered if he was able to claim any relief on the capital gain. Find out the answer in the video below.
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TAXtv has also released a free-to-view Budget special video where Good and Mooney consider what George Osborne’s speech really means for you and your clients. In the episode they discuss the new lifetime ISAs, changes to company loss relief and capital gains tax, plus the other announcements most relevant to small and medium-sized firms.
For the latest episode of TAXtv visit PTP Interactive. TAXtv is a monthly tax update programme available as an annual subscription from £199, (11 issues plus special editions) to view online, download from the internet or watch on DVD.