In recent months, we’ve seen the base rate steadily increase by the Bank of England. Despite this making it more difficult for those on the housing market, this rate increase should only have a minimal effect on the benefits of investing in property. As interest rates increase, property prices should fall alongside them. This will…Read More
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
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
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
When using QuickBooks do you ever feel confused and overwhelmed by the sheer number of tabs and functions at your disposal? You will be pleased to hear that changes are coming to make your QuickBooks experience smoother than ever. Similar to the way the ‘new’ button in QuickBooks helped reduce the hassle of navigation, by…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
Bad debt(s) will mean that a customer owes you money, however for some reason you are unable to collect it. Within QBO, this will result in you having a debt owed to you which you know you aren’t going to get paid for. To write this balance, or ‘bad debt’ off, the remaining balance will…Read More
Uploading documents Due to technology constantly changing, companies need to find new ways to adapt against their competition. One way Dext have achieved this is with their mobile app. It is available on IOS and Android and you can download it from the app store or from an invitation via text or email. Once you…Read More
Dext has a feature where partnered suppliers can send any invoices and receipts straight to Dext, rather than you needing to log into each website and manually find and upload them. Dext Prepare will automatically check each of your authorised suppliers once a week and add any new documentation straight to the inbox. This is…Read More
Dext recently acquired Greenback to launch their third product on the Dext platform, Dext Commerce, an app that formats information from sales platforms and standardises it ready for processing through to QuickBooks Online. Dext already had Dext Prepare in place, originally a place purely for expense receipts, now with Commerce, they are reaching further into…Read More
Many businesses need to track their employees’ time, whether that’s to manage how time is spent, or how to pay them accordingly. This can be calculated and kept within QuickBooks by creating timesheets. To do this, use the ‘New’ button to create a weekly timesheet, and select an employee in the Name drop-down list. If…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
There are plenty of options available when selecting a QuickBooks Online package. Your decision may be based on whether to use QuickBooks Online or QuickBooks self-employed or which QuickBooks Online package to use. This article will hopefully help make your decision a little easier. QuickBooks Online vs QuickBooks self-employed There are vast differences between the…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
