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
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
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
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
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
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
MTD for ITSA forms a critical building block of the government’s 10-year strategy, which seeks to make the tax system more sustainable and efficient, to improve productivity of businesses, and to better support taxpayers. The Government hopes the shift to Make Tax Digital will give us one of the world’s most digitally advanced tax administrations,…Read More
If you would like some assistance or advice in anything mentioned above as well as PJCO’s payroll services, please get in touch on 01273 441187. You May Also Like… Time Tracking In QuickBooks Dext Invoice Fetch Dext Commerce And QuickBooks Reconciling An Account In QuickBooks Using Classes In QuickBooks
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
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
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
Behind every good business is a great accountant.
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