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
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
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
ApprovalMax ApprovalMax is a tool that extends the online accounting platform QuickBooks Online with approval-driven financial controls. It replaces paper- and email-based approvals with fully automated multi-role and multi-tiered approval workflows, and ensures spend control and regulatory compliance for both internal accounting and financial service outsourcing organisations. Protect your data It is possible to perform…Read More
I’ve had the honour to spend the last few days taking part in work experience at PJCO and have learnt so much from so many amazing characters in such a short time. Before arriving, I had very little idea what an accountant did or how an accountancy firm would operate. I’ve gained so much knowledge on finance, tax, national insurance, marketing and advertisement, software, and…Read More
The importance of a positive attitude towards mental health in the workplace has been highlighted many times over recent years. Businesses acknowledge its significance to the workforce and employee productivity and are taking steps to make sure that they’re promoting positive mental health in the workplace. According to Acas, 1 in 4 adults in the…Read More
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