Capital Gains Tax on Antiques

If you have acquired some valuable antiques or artefacts or have inherited some bespoke Jewellery and wish to sell it on, you may be subject to capital gains tax. The rates for capital gains tax are at 10% for basic rate taxpayer and 20% for higher rate taxpayers. These items are known as non-wasting Chattels…Read More

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 expenses can a limited company claim?  

What does ‘allowable expense’ mean?   An allowable expense is a cost solely for business purposes.    Allowable expenses reduce a company’s taxable profits, which reduces its corporation tax liability (the amount the company owes the government in taxes).    What would classify as an allowable expense?    All expenses must have been incurred “wholly and exclusively” for…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 increase my Gift Aid?

According to HMRC, millions of pounds of higher and additional rate tax relief goes unclaimed every year because individuals either don’t realise they are entitled to it, or they fail to identify their gift aid payments made. If you make a gift aid donation or a donation to a community amateur sports club (CASC), this…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

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

How to claim ATED annual charge relief? 

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

Important Changes for Taxi, Private Hire or Scrap Metal Licence Applications.

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

Tracking Employee Time in QuickBooks

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

The Furlough Scheme Extension

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

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