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
The general concept when it comes to multiple lettings is that income and expenditure is treated as one business. Any income and expenditure in relation to overseas properties, however, will be treated as a separate business from the UK properties. In terms of income tax relief for any losses made on a property, this can’t…Read More
Inheritance Tax is the levy placed by the government on the possessions left over by a deceased individual. This is a controversial topic of discussion politically, due to the rate and nature of the tax, and it can become rather complex due to the number of rules in place. However, there are several ways to…Read More
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
The VAT rules can become a bit more complex when it comes to land and buildings. To clarify and simplify matters, the UK government has issued VAT Notice 742A, which outlines the rules and procedures for opting to tax land and buildings. In this blog, we’ll provide a summary of the key points covered in…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
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
Do you own a residential property personally, and plan on selling it in the not-so-distant future? We can help you reduce your capital gains tax! If you own a residential property personally, and you sell your property, the gain is subject to capital gains tax at 28%, after you have utilised your capital gains tax…Read More
The state pension should be an important part of your retirement planning but there is some important planning you need to do before 31st July 2023 to maximise your income. Firstly, you need to understand that you only receive a full state pension if you have paid (or received credit for) National Insurance contributions for…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
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. Criteria for ATED return: Returns must be submitted on or within 30 days after 1st April 2023.You must revalue…Read More
1. Use your Capital gain tax allowance: You are allowed a tax-free Capital Gain Tax allowance of £12,300 (2021/22) before CGT will be due. This is a separate allowance to your tax free personal allowance for Income tax. Any gains of up to £12,300 in a tax year will therefore not attract capital gains tax.…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
If you have children, then the Government support you in various ways with your childcare costs. There are three main initiatives and even the government admit that 4 out of 5 people don’t claim all they are entitled to, so we have tried to summarise the schemes below as well as point out scenarios that…Read More
