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

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

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

Capital Gains Tax on Antiques

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

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

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

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

How can I increase my Gift Aid?

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

Can I Gift my property and still live there?

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

Wondering about houses in multiple occupation (HMOs) and property licensing?

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

What is an option to tax for Land and Buildings?

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

HMRC interest rates increasing

  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

What happens if I made losses on my rental property in the tax year?

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

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