Blog

Gifting a property can be an attractive option for transferring ownership in the UK. However, it’s crucial to understand the tax implications and regulations surrounding property gifting. In this blog, we will address two common questions: whether capital gains tax (CGT) applies to gifted properties and whether it is possible to gift a property under…Read More

  HMRC’s interest rates on overpaid or underpaid tax will increase from July 2023. HMRC’s interest rates on overpaid or underpaid tax will increase from July 2023, but it is not as simple as that: From 3 July 2023 the interest rates for Corporation tax will change to: From 11 July 2023, the interest rates…Read More

Much like your main residence, your rental property will need more touching up than others. Some years you may need to replace a few more items than you would hope and ultimately you may end up spending more on the property than you receive in rental income. Perhaps you’ve stopped renting your property for a…Read More

Private residence relief (PPR) applies to the sale of a residence that has been an individual’s only or principal residence for the period of time they have owned it. If you sell a property, once rented out, you will have to pay Capital Gains Tax within 60 days of selling the property. This tax is…Read More

If you are a private landlord owning multiple properties, you will be paying tax via your self-assessment tax return at your marginal rate of tax, this could be up to 45% if you’re an additional rate taxpayer. This tax is due on your profits (income minus expenses), and mortgage interest is not an allowable expense,…Read More

If you are a private landlord owning multiple properties, you will be paying tax via your self-assessment tax return at your marginal rate of tax, this could be up to 45% if you’re an additional rate taxpayer. This tax is due on your profits (income minus expenses), and mortgage interest is not an allowable expense,…Read More

As a UK accountant, one of the questions we often receive from clients is whether a loss from previous years can be used to offset capital gains tax on a new sale. The short answer is yes, it is possible to use losses from previous years to reduce capital gains tax on a new sale.…Read More

When gifting property, this is subject to capital gains tax (CGT). If you are the person gifting this property, then it would be yourself that’s liable to pay the CGT rather than the receiver of the gift. If the property gifted is your main residence, then you will be able to avoid paying CGT as…Read More

Private residence relief (PPR) applies to the sale of a residence that has been an individual’s only or principal residence for the period of time they have owned it. If you sell a property, once rented out, you will have to pay Capital Gains Tax within 60 days of selling the property. This tax is…Read More

Do you own a residential property personally, and plan on selling it in the not-so-distant future? We can help you reduce your capital gains tax!   If you own a residential property personally, and you sell your property, the gain is subject to capital gains tax at 28%, after you have utilised your capital gains tax…Read More

The state pension should be an important part of your retirement planning but there is some important planning you need to do before 31st July 2023 to maximise your income. Firstly, you need to understand that you only receive a full state pension if you have paid (or received credit for) National Insurance contributions for…Read More

Annual Tax on Enveloped Dwellings (ATED), is an annual return and tax that is due to be submitted and paid to HMRC if your limited company owns a UK residential property valued at more than £500,000.  There are reliefs and exemptions available and please feel free to contact us at PJCO if you are unsure…Read More

Annual Tax on Enveloped Dwellings (ATED), is an annual return and tax that is due to be submitted and paid to HMRC if your limited company owns a UK residential property valued at more than £500,000.  Criteria for ATED return:  Returns must be submitted on or within 30 days after 1st April 2023.You must revalue…Read More

HMRC introduces new VAT penalty regime from January 2023 VAT penalties and interest charges will change for everyone who submits a VAT Return from 1 January 2023. For VAT periods starting on or after 1 January 2023, the default surcharge will be replaced by new penalties if you submit VAT returns late or pay VAT…Read More

MTD for ITSA forms a critical building block of the government’s 10-year strategy, which seeks to make the tax system more sustainable and efficient, to improve productivity of businesses, and to better support taxpayers. The Government hopes the shift to Make Tax Digital will give us one of the world’s most digitally advanced tax administrations,…Read More