The recent budget announcement by the Labour government on October 30, 2024, brought significant changes to Stamp Duty Land Tax (SDLT) thresholds and rates. If you’re in the market for a property, these changes could have a notable financial impact, particularly if you’re an investor or purchasing a second home. For instance, purchasing a property…Read More
If you’re married and thinking of buying a property, there’s an important tax consideration you might not be aware of: for the purposes of Stamp Duty Land Tax (SDLT), you and your spouse are treated as one entity. This means that any property-related tax relief your spouse has taken advantage of could affect you as…Read More
As a newly VAT registered business you may find yourself asking, “When is my VAT due?” Understanding your VAT due date is essential to ensure compliance with HMRC regulations and avoid penalties. This post can provide some clarity on VAT due dates and offer tips to help you manage your VAT obligations effectively. VAT Due…Read More
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
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
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
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
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
In recent months, we’ve seen the base rate steadily increase by the Bank of England. Despite this making it more difficult for those on the housing market, this rate increase should only have a minimal effect on the benefits of investing in property. As interest rates increase, property prices should fall alongside them. This will…Read More
Beware of little expenses; a small leak will sink a great ship.
Benjamin Franklin
