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Any Answers Answered: Flat rate mileage plus interest

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TAXtv’s Giles Mooney and Tim Good untangle a couple of questions from the Any Answers forum, this time on flat rate mileage and losing UK tax residence. 

13th Jul 2023
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To view the full questions and AccountingWEB readers’ answers click on the links below.

Flat rate mileage plus interest on loan to purchase

Our first question came from Tracey2412 who had a question on flat rate mileage. "I'm attempting to put together a simple resource for a group of sole traders on car expenses who all want to maximise claims and minimise tax...  I watched the HMRC webinar on 'car expenses for the self-employed' to make sure I'm up to date and can confidently quote the facts. The presenter stated that when using flat rate mileage you can also claim interest on a loan to purchase said car."

She wants to know if this is correct. 

Losing UK tax residence triggering CGT?

The next question came from Nick Farrow who asked: "A prospective individual client mentioned becoming liable to UK CGT on losing her UK residence - I am curious as to what sort of asset could trigger this charge."

Giles and Tim discuss what could give rise to that charge.

For the latest episode of TAXtv visit PTP Interactive.​ TAXtv is a monthly tax update programme available as an annual subscription (11 issues plus budget editions) to view online, download from the internet or watch on DVD.

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By tracey2412
14th Jul 2023 09:56

THANK YOU SO MUCH for picking my question & expanding on it - very clearly & comprehensively. I can now go back to the group & confidently tell them the position on this.

BTW - yes, a Christmas Eve baby!

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