Statistics in 2023 show that 28% of young people aged between 20 and 34 years were living with their parents. Having an extra adult in the house means that groceries, utility bills and other living expenses would increase and ultimately means more costs. Rent-a-room relief was introduced by the government to allow for more low-cost…Read More
Residential property gains are a critical consideration for landlords, especially when selling buy-to-let properties or inherited estates. Understanding the tax implications and reporting requirements is essential to avoid penalties. Planning is vital, as it ensures compliance with HMRC guidelines and minimises tax liabilities. Residential property gains refer to the profit made when selling or disposing…Read More
The Renters’ Rights Bill is currently being debated in the House of Lords, having already passed the House of Commons. While the bill primarily focuses on increasing tenant protections, it also presents a significant shift in responsibilities for landlords. For the majority of landlords who already maintain high standards, these changes represent an additional layer…Read More
For business owners, keeping company records accurate and up to date is a crucial legal obligation. One of the key requirements for limited companies in the UK is filing a confirmation statement with Companies House. This statement serves as a way to confirm that your company’s details remain current and correct. Filing this document annually…Read More
As of 6th February 2025, the Bank of England announced a reduction in the base interest rate from 4.75% to 4.5%. This 0.25% decrease has sparked discussions among industry experts, with many speculating that further cuts may be on the horizon throughout the year. If this trend continues, it could significantly enhance affordability in the…Read More
In the UK, married couples receive special tax treatment, and as a result, understanding these rules can give newlyweds a head start in building a stable financial foundation for the future. For example, when it comes to income tax on rental properties, some of you may be aware that if a married couple jointly owns…Read More
With the 2025/26 tax year looming and the greatest changes to Pay As You Earn (PAYE) seen in a number of years, PJCO has put together this handy guide to help you and your company achieve the most tax efficient salary solutions. Director Only Payroll (One Director) If you are a single director on your…Read More
In the Autumn Budget, Rachel Reeves announced changes to the Stamp Duty Land Tax (SDLT) thresholds, which come into effect from the 1st April 2025. These changes, combined with the new SDLT rate for property investors and limited companies, can have a significant impact on property investors during one of the busiest periods for the…Read More
Managing taxes is a critical part of running a successful small business. For entrepreneurs in the UK, staying on top of key tax deadlines can save time, reduce stress, and help avoid penalties. Here is a comprehensive guide to the important tax dates for 2025 to keep your finances in order. Managing taxes is a…Read More
If you own a property that isn’t your primary residence, the income generated from renting it out is subject to income tax. This tax is charged at your marginal rate, but there’s no need to pay National Insurance contributions on rental income. Allowable Deductions You can reduce your taxable rental income by deducting certain expenses,…Read More
As winter sets in, property owners often face unwelcome surprises like leaks that escalate into major structural concerns. One of the most significant expenses that may arise is a roof replacement. Given the substantial cost involved, it’s essential to ensure this expense is categorized and utilized appropriately. This distinction matters because not all expenditures are…Read More
When tenants leave a rental property, landlords often face questions about covering property expenses and whether tax relief can be claimed on costs incurred during the vacancy period. Understanding the tax implications of such situations is essential for maintaining profitability and compliance. Claiming Tax Relief on Expenses for Vacant Properties If your property is temporarily…Read More
The recent budget announcement by the Labour government on October 30, 2024, brought significant changes to Stamp Duty Land Tax (SDLT) thresholds and rates. If you’re in the market for a property, these changes could have a notable financial impact, particularly if you’re an investor or purchasing a second home. For instance, purchasing a property…Read More
Stamp Duty Land Tax (SDLT) is a tax on property or land purchased over a certain price in England and Northen Ireland. Currently the thresholds up to 31st March 2025 are: These thresholds are then taxed at different rates depending on the value of the property/land regardless of the purpose of the purchase. Since the…Read More
Letting agents typically deduct their fees directly from your rental income and deposit the net amount into your bank account. Here’s a quick guide on how to handle these transactions in QuickBooks Online. You will then see the net amount reflected in your bank account, and you’ll need to select the option to Split the…Read More
I have no use for bodyguards, but I have very specific use for two highly trained certified public accountants.
Elvis Presley
