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
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
HMRC introduces new VAT penalty regime from January 2023 VAT penalties and interest charges will change for everyone who submits a VAT Return from 1 January 2023. For VAT periods starting on or after 1 January 2023, the default surcharge will be replaced by new penalties if you submit VAT returns late or pay VAT…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
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
QuickBooks offers two different mobile versions of their services, one for self-employed and one for small businesses. This is easily accessible through google play or the app store, therefore you can access it on iPad, tablets, smartphones as well as the browser version. No need to set up a new account just use the credentials…Read More
Coming into PJCO I had very little knowledge on what an accountancy firm looked like and ran however from being here for only a few days I have already been shown just how different my expectations were. Before coming to PJCO I believed that accountancy was just for processing all the numbers on an outdated…Read More
It’s a digital world – The next step for MTD We have already had the first big move in Making Tax Digital, with the transition of nearly all VAT registered companies with a turnover of over £85,000 being forced onto digital software such as QuickBooks or being made to use bridging software, keeping an online…Read More
I have no use for bodyguards, but I have very specific use for two highly trained certified public accountants.
Elvis Presley
