What are the pros and cons of switching to the salary sacrifice scheme?

Salary sacrifice is a scheme that allows employees to exchange part of their salary in favour of savings for the future. The savings can take many non-cash benefit forms such as pension contributions. As employees are giving up a portion of their salary in favour of pension contributions their gross pay will decrease. Therefore, the…Read More

What are domestic items for tax purposes?

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

How can I Maximise my Child Benefit Income in the UK? A Guide to Tax Efficiency with Gift Aid and Pension Contributions

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

Can I Gift my property and still live there?

Gifting property is where the ownership of the property is transferred without compensation. However, when gifting a property, there are many rules when it comes to taxes making the matter more complex. In particular, the concept of “gifts with reservation” has significant implications for both the donor and the recipient. Understanding these implications is crucial…Read More

Wondering about houses in multiple occupation (HMOs) and property licensing?

A residential property occupied by three or more occupants with shared facilities is what defines an HMO. You must be licensed if you are an HMO with five or more occupants. Licensing can come under three categories. Legally required licensing is called mandatory licensing. This is specifically required by the Housing Act 2004. The only…Read More

HMRC interest rates increasing

  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

What happens if I made losses on my rental property in the tax year?

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

Transferring a property into my Limited Company

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

What is Private Residence Relief and how does it arise?

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

Robert Kiyosaki

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