Blog

SDLT charges in residential property
  • SDLT charges in residential property

Stamp Duty Land Tax is a tax you will need to pay if you buy property or land over a certain price in the UK. How much SDLT tax you will need to pay will vary due to a few factors such as: Stamp Duty Land Tax rates as of present, up to the 31st…Read More

Posted in: Benefits | Community | Companies | Helpful Tips | HMRC | News | Property | Tax | Uncategorised

What are the key aspects you needs to know about deregistering for VAT as a business owner?
  • What are the key aspects you needs to know about deregistering for VAT as a business owner?

After reading this post you will gain an understanding on the VAT deregistration process, including what makes you eligible and what you need to consider. VAT Deregistration Deregistration means that a business is no longer VAT registered and is not required to charge VAT on its goods and services, this also means that VAT cannot…Read More

Posted in: Companies | Helpful Tips | HMRC | News | QuickBooks | Staff | Tax | Uncategorised | VAT

Navigating Rental Businesses: Deciphering Capital Expenses vs. Allowable Business Expenses in the UK 
  • Navigating Rental Businesses: Deciphering Capital Expenses vs. Allowable Business Expenses in the UK 

Financial management for a rental business can be complicated. It can be confusing to know how to categorise your expenditure on the business and the tax treatment can be different depending on the type of expense. That’s why it is important to be able to distinguish between capital expenses and allowable business expenses.   Capital Expenses:…Read More

Posted in: Allowance | Community | Helpful Tips | HMRC | News | Pension | QuickBooks | Tax | Uncategorised | University | VAT

Exploring Joint Ownership: Joint tenant v’s Tenants in common
  • Exploring Joint Ownership: Joint tenant v’s Tenants in common

If you buy, purchase, or inherit property with another individual, you must decide how you want to ‘hold’ the property together. Under UK law you can become a joint owner as either ‘joint tenants’ or ‘tenants in common’. The type of ownership you choose affects what you can do with the property if your relationship…Read More

Posted in: Allowance | Benefits | CIS | Community | Companies | Guest | Helpful Tips | Loans | MTD | News | Pension | Property | QuickBooks | Tax | Uncategorised | VAT

What are consent to let mortgages?
  • What are consent to let mortgages?

What are consent to let mortgages? Consent to let mortgage is a formal, written agreement between you and your mortgage lender which gives you permission to rent out your home for a short period of time. It is the only legal way that you can rent out your house on a residential mortgage. It is…Read More

Posted in: Allowance | Community | Companies | Helpful Tips | Loans | MTD | News | Pension | Property | Tax | Uncategorised | VAT

How could a lifetime ISA help you in the process of purchasing your first property?
  • How could a lifetime ISA help you in the process of purchasing your first property?

What is a lifetime ISA? A lifetime ISA is a tax-free savings account that can be used to buy your first home costing up to £450,000 (please note that other conditions apply) or as retirement money once you are more than 60 years old. You must be aged 18 or over but under 40 when…Read More

Posted in: Allowance | Community | Helpful Tips | HMRC | MTD | News | Pension | Property | Tax | VAT

Can you Reduce Capital Gains Tax on your property?
  • Can you Reduce Capital Gains Tax on your property?

Capital gains tax is the tax on any wealth (money/property) that is then used to make additional wealth or increase the value of that current wealth. For example, this could be through making capital improvements to your property to increase the value of this property. Everyone has an allowance of £6,000 annually that would enable…Read More

Posted in: Allowance | Benefits | Community | Companies | Helpful Tips | HMRC | News | Pension | Property | QuickBooks | Tax | VAT

What are the pros and cons of switching to the salary sacrifice scheme?
  • What are the pros and cons of switching to the salary sacrifice scheme?

Salary sacrifice is a scheme that allows employees to exchange part of their salary in favour of savings for the future. The savings can take many non-cash benefit forms such as pension contributions. As employees are giving up a portion of their salary in favour of pension contributions their gross pay will decrease. Therefore, the…Read More

Posted in: Allowance | Approval Automation | Benefits | Brexit | Charity | CIS | Community | Guest | Helpful Tips | HMRC | Loans | MTD | News | Pension | Property | QuickBooks | Staff | Tax | Uncategorised | VAT

What expenses can a limited company claim?  
  • What expenses can a limited company claim?  

What does ‘allowable expense’ mean?   An allowable expense is a cost solely for business purposes.    Allowable expenses reduce a company’s taxable profits, which reduces its corporation tax liability (the amount the company owes the government in taxes).    What would classify as an allowable expense?    All expenses must have been incurred “wholly and exclusively” for…Read More

Posted in: Allowance | Community | Companies | Helpful Tips | Loans | News | Property | QuickBooks | Staff | Tax | VAT

What are domestic items for tax purposes?
  • What are domestic items for tax purposes?

You may wish to know about increasing your tax relief for rental income. Whether you are an individual, in a partnership or part of a company, if you let properties, you can benefit from a tax deduction from rental income for replacing DOMESTIC ITEMS such as moveable furniture, household appliances, kitchen utensils and TV’s, etc.…Read More

Posted in: Allowance | Benefits | Community | Companies | Helpful Tips | HMRC | MTD | News | Pension | Property | QuickBooks | Staff | Tax | Uncategorised | VAT

How can I Maximise my Child Benefit Income in the UK? A Guide to Tax Efficiency with Gift Aid and Pension Contributions
  • How can I Maximise my Child Benefit Income in the UK? A Guide to Tax Efficiency with Gift Aid and Pension Contributions

The child benefit system in the UK offers valuable financial support to families with children. However, many families are unaware of potential tax-saving opportunities that can enhance their child benefit income. In this blog, we explore how strategic financial planning through gift aid donations and pension contributions can optimise tax savings and maximise benefits for…Read More

Posted in: Allowance | Benefits | Community | Companies | Helpful Tips | MTD | News | Tax | Uncategorised

What can you do with property losses?
  • What can you do with property losses?

The general concept when it comes to multiple lettings is that income and expenditure is treated as one business. Any income and expenditure in relation to overseas properties, however, will be treated as a separate business from the UK properties. In terms of income tax relief for any losses made on a property, this can’t…Read More

Posted in: Allowance | Property | Tax | Uncategorised | VAT

What counts as a gift for inheritance tax purposes? Small gifts explained
  • What counts as a gift for inheritance tax purposes? Small gifts explained

Inheritance Tax is the levy placed by the government on the possessions left over by a deceased individual. This is a controversial topic of discussion politically, due to the rate and nature of the tax, and it can become rather complex due to the number of rules in place. However, there are several ways to…Read More

Posted in: Allowance | Community | Guest | Helpful Tips | HMRC | News | Pension | Tax | Uncategorised | VAT

Charles Lyell

Never call an accountant a credit to his profession; a good accountant is a debit to his profession.

Charles Lyell