Transferring a property into my Limited Company

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

What is Private Residence Relief and how does it arise?

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

How to reduce your Capital Gains Tax     

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

Maximise your State Pension -Changes to Voluntary NI Contributions

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

How to claim ATED annual charge relief? 

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

Upcoming navigation menu changes for QuickBooks Online

When using QuickBooks do you ever feel confused and overwhelmed by the sheer number of tabs and functions at your disposal? You will be pleased to hear that changes are coming to make your QuickBooks experience smoother than ever. Similar to the way the ‘new’ button in QuickBooks helped reduce the hassle of navigation, by…Read More

Do You Need To Pay Tax On Your Cryptoassets?

Cryptocurrency is an encrypted digital payment system working through a computer network which isn’t reliant on an authority to verify payments. Different assets include exchange tokens (used as a means of payment or investment), utility tokens (provide access to goods and services), security tokens (provide right or interests in a business) and stablecoins (built to…Read More

8 Ways To Reduce Your Capital Gains Tax Liability

1. Use your Capital gain tax allowance: You are allowed a tax-free Capital Gain Tax allowance of £12,300 (2021/22) before CGT will be due. This is a separate allowance to your tax free personal allowance for Income tax. Any gains of up to £12,300 in a tax year will therefore not attract capital gains tax.…Read More

Government Support and Child Care.

If you have children, then the Government support you in various ways with your childcare costs. There are three main initiatives and even the government admit that 4 out of 5 people don’t claim all they are entitled to, so we have tried to summarise the schemes below as well as point out scenarios that…Read More

Tax implications of a garden office

Tax implications of building a garden office on the company and director A garden office is a popular alternative to converting home space into a home office. Whether the garden office is built before you move in or is built yourself after you move in, the tax implications are the same. The building The building…Read More

Care relief

Qualifying care relief  Carers typically receive income from various sources for looking after children and adults who are placed under their care – this income needs to be declared to HMRC via a self-assessment tax return.  However, carers can claim what is known as qualifying care relief whereby the payments they receive for the children placed in their care are not taxable, up to a certain amount. …Read More

Trivial Benefits

A Father’s Day tax exemption  With Father’s Day fast approaching, the trivial benefits exemption could be a tax-efficient way to treat your dad if he is an employee or director of your company.  Expenses or gifts, provided by employers, to employees or directors may not need reporting to HMRC if they meet all these requirements:  Does not exceed £50   Is…Read More

George W. Bush

In the corporate world, sometimes things aren’t exactly black and white when it comes to accounting procedures.

George W. Bush