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
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
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
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
As of the 5th November 2020, the UK Governments Furlough Scheme has been extended further by 5 months. Therefore, the new projected end date for the scheme is the 31st March 2021. And not to worry if you have not applied for this scheme previously, it is now available for new applicants. There is now…Read More
Should I claim homeworking allowance as a director, or should my limited company rent from myself as an individual? HOMEWORKING ALLOWANCE. Homeworking allowance is when you claim back certain expenses to cover the costs incurred when working from your home. Your employer can pay this allowance, and this will reduce company profits and so reduce…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
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 HMRC Job Retention Scheme Portal has been live for nearly two weeks now and the first applicants have started receiving payments. But with furloughing being such a new concept and the many updates to the guidance from the government, it can be difficult to understand. Here we look at the most important points. What…Read More
Has COVID-19 ruined the spirit of Christmas? With Christmas fast approaching, typically by now most employers and employees would be looking forward to their company Christmas party. However, this year has been like no other and Covid-19 restrictions have firmly put a stop to the annual office party. As such, many employers will be considering…Read More
Graduating is no easy thing. You think you’ve done the hard work already, studying for the exams, writing the dissertation, cooking for yourself for three years with no parent around to help… the majority of students think that actually graduating is the easy bit. You put on the cap and gown and celebrate your success,…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
