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
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 have acquired a property from an estate and you are classed as a Property Trader you may be eligible to be exempt from SDLT, subject to a few relevant conditions. To be classed as a Property Trader you can be a company or a limited liability partnership and be in the business of…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
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
After reading this post you will gain an understanding on the VAT deregistration process, including what makes you eligible and what you need to consider. VAT Deregistration Deregistration means that a business is no longer VAT registered and is not required to charge VAT on its goods and services, this also means that VAT cannot…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
What are consent to let mortgages? Consent to let mortgage is a formal, written agreement between you and your mortgage lender which gives you permission to rent out your home for a short period of time. It is the only legal way that you can rent out your house on a residential mortgage. It is…Read More
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
What does ‘allowable expense’ mean? An allowable expense is a cost solely for business purposes. Allowable expenses reduce a company’s taxable profits, which reduces its corporation tax liability (the amount the company owes the government in taxes). What would classify as an allowable expense? All expenses must have been incurred “wholly and exclusively” for…Read More
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
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
The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.
Robert Kiyosaki
