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
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
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
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
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
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
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
As the end of the 2021/22 tax year is quickly approaching, it is time to evaluate what this means for company directors and employees in the upcoming 2022/23 tax year. Director’s Salary The UK government will increase Class 1 National Insurance thresholds from the 6th of April 2022, with the Employer’s National Insurance (ER NI)…Read More
Firstly what is a reverse charge? The reverse charge is described by HMRC as an Anti-fraud measure. It is a mechanism that shifts the liability for accounting for the output VAT from the supplier onto the customer. For chains with multiple contractors, this will transfer the liability to the final contractor in the chain who…Read More
Beware of little expenses; a small leak will sink a great ship.
Benjamin Franklin
