Wondering about houses in multiple occupation (HMOs) and property licensing?

A residential property occupied by three or more occupants with shared facilities is what defines an HMO. You must be licensed if you are an HMO with five or more occupants. Licensing can come under three categories. Legally required licensing is called mandatory licensing. This is specifically required by the Housing Act 2004. The only…Read More

What is an option to tax for Land and Buildings?

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

Is the VAT Flat Rate Scheme best for you?

The standard VAT scheme is when VAT on purchases is subtracted from VAT on sales to calculate the VAT amount owed to/from HMRC. However, under the Flat Rate Scheme (FRS) businesses will instead pay a fixed percentage of your VAT inclusive sales made in the period to HMRC. It’s important to note that under this…Read More

HMRC interest rates increasing

  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

What happens if I made losses on my rental property in the tax year?

Much like your main residence, your rental property will need more touching up than others. Some years you may need to replace a few more items than you would hope and ultimately you may end up spending more on the property than you receive in rental income. Perhaps you’ve stopped renting your property for a…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

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 reduce your Capital Gains Tax     

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

Maximise your State Pension -Changes to Voluntary NI Contributions

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

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

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