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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

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

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

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

If you have acquired some valuable antiques or artefacts or have inherited some bespoke Jewellery and wish to sell it on, you may be subject to capital gains tax. The rates for capital gains tax are at 10% for basic rate taxpayer and 20% for higher rate taxpayers. These items are known as non-wasting Chattels…Read More

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

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

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

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

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

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

According to HMRC, millions of pounds of higher and additional rate tax relief goes unclaimed every year because individuals either don’t realise they are entitled to it, or they fail to identify their gift aid payments made. If you make a gift aid donation or a donation to a community amateur sports club (CASC), this…Read More

Gifting property is where the ownership of the property is transferred without compensation. However, when gifting a property, there are many rules when it comes to taxes making the matter more complex. In particular, the concept of “gifts with reservation” has significant implications for both the donor and the recipient. Understanding these implications is crucial…Read More

A residential property occupied by three or more occupants with shared facilities is what defines an HMO. You must be licensed if you are an HMO with five or more occupants. Licensing can come under three categories. Legally required licensing is called mandatory licensing. This is specifically required by the Housing Act 2004. The only…Read More

The VAT rules can become a bit more complex when it comes to land and buildings. To clarify and simplify matters, the UK government has issued VAT Notice 742A, which outlines the rules and procedures for opting to tax land and buildings. In this blog, we’ll provide a summary of the key points covered in…Read More