Letting agents typically deduct their fees directly from your rental income and deposit the net amount into your bank account. Here’s a quick guide on how to handle these transactions in QuickBooks Online. You will then see the net amount reflected in your bank account, and you’ll need to select the option to Split the…Read More
In this year’s Spring Budget, the government announced the repeal of the Furnished Holiday Lettings (FHL) regime, which will take effect on April 6th, 2025. While many are aware of the impending change, the full implications on businesses operating under the FHL regime might not be as well understood. This transition will significantly alter how…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
SPVs or Special Purpose Vehicles are companies that are set up for the sole purpose of purchasing, holding or letting out properties and nothing else. So, if you are a landlord who is looking to set up a limited company for tax purposes, it might be a preferable option to setting up a trading company.…Read More
At PJCO Accountants, we understand that our success is directly tied to yours. That’s why we continually develop and train our ACCA-qualified accountants to deliver exceptional business, accounting, and tax services. Here’s how we can enhance your business: 1. Strategic Financial Planning We create detailed financial plans aligned with your business goals, guiding you through…Read More
As a landlord, managing your finances effectively is crucial to the success and growth of your property investments. One key aspect of this is filing your self-assessment tax returns on time. The official deadline for the year ending 5th April 2024 is the 31st of January 2025. However, there are many compelling reasons to consider…Read More
Understanding VAT Exemptions and Options When it comes to property rentals, VAT (Value Added Tax) can be a bit of a complex topic. Typically, properties rented out are exempt from VAT. This exemption means that landlords cannot charge VAT to their tenants. Consequently, landlords also cannot reclaim any VAT incurred on their expenses related to…Read More
If you are currently letting out a FHL under the current scheme for this year you may be aware that in the 2024 Budget, the chancellor announced that from April 2025, the FHL tax regime would be abolished. This may raise concerns for those of you who are worried about the impact of reduced tax…Read More
The official deadline for filing your self-assessment tax returns for the year ending 5th April 2024 is the 31st of January 2025. However, there are many reasons to consider filing your taxes months before this date. First, understanding your tax liability early in the year can give you a clear picture of your profit for…Read More
Dext, Apron, and QuickBooks’ Receipt Snap each have unique strengths and weaknesses, making them suitable for different types of businesses. Dext Dext integrates seamlessly with Xero and QuickBooks, offering a comprehensive suite of products tailored for various clients and businesses. QuickBooks’ Receipt Snap Receipt Snap is a straightforward tool primarily suited for smaller companies or…Read More
Style Your Space Choose your décor style either sleek and modern or bold and colourful—and stick with it. Make Your Listing Pop Write a catchy title and description that showcases what makes your place special. Show it Off Take great photos that highlight your space’s best features. Price Wisely Set competitive rates that attract guests…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
Financial management for a rental business can be complicated. It can be confusing to know how to categorise your expenditure on the business and the tax treatment can be different depending on the type of expense. That’s why it is important to be able to distinguish between capital expenses and allowable business expenses. Capital Expenses:…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
Never call an accountant a credit to his profession; a good accountant is a debit to his profession.
Charles Lyell
