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
Annual Tax on Enveloped Dwellings (ATED), is an annual return and tax that is due to be submitted and paid to HMRC if your limited company owns a UK residential property valued at more than £500,000. There are reliefs and exemptions available and please feel free to contact us at PJCO if you are unsure…Read More
Annual Tax on Enveloped Dwellings (ATED), is an annual return and tax that is due to be submitted and paid to HMRC if your limited company owns a UK residential property valued at more than £500,000. Criteria for ATED return: Returns must be submitted on or within 30 days after 1st April 2023.You must revalue…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
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
1. Use your Capital gain tax allowance: You are allowed a tax-free Capital Gain Tax allowance of £12,300 (2021/22) before CGT will be due. This is a separate allowance to your tax free personal allowance for Income tax. Any gains of up to £12,300 in a tax year will therefore not attract capital gains tax.…Read More
Need to apply for a Taxi, Private Hire or Scrap Metal licence soon? The Government have announced that there will be changes to the application process which you need to be aware of from 4th April 2022. The rules are changing if you’re an individual, company or any type of partnership applying for a licence for a: Taxi driver. Private hire driver. …Read More
If you have children, then the Government support you in various ways with your childcare costs. There are three main initiatives and even the government admit that 4 out of 5 people don’t claim all they are entitled to, so we have tried to summarise the schemes below as well as point out scenarios that…Read More
The benefits of Incorporation If you’re currently a sole trader and your annual profits are high, it might be time to think about incorporating your company. Incorporating your sole trade into a limited company comes with many benefits as well as being an efficient way to save you money on tax each year.As you’ll know,…Read More
When handling your accounts in QuickBooks, it is important that all information kept is entirely accurate and up to date. To ensure this, QuickBooks has a reconciliation feature that allows you to match the end balance of your bank accounts against the balance shown in bank statements. To keep on top of your accounts it…Read More
The VAT Margin scheme is when you charge your customers VAT on your sales, without incurringunfair VAT liabilities on the sales that are eligible for a margin scheme. This is because HMRC hasintroduced a fairer way to declare the VAT on sales for businesses that do not incur VAT on theirpurchases. How it works Usually,…Read More
Act now: Why you should secure a CBILS before it’s too late The deadline to apply for the Coronavirus Business Interruption Loan Scheme (CBILS), is approaching once more – and this time it seems to be final. Businesses have until 31 March 2021 to start their application. 2021 is still looking extremely challenging for businesses,…Read More
Never call an accountant a credit to his profession; a good accountant is a debit to his profession.
Charles Lyell
