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
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
The recent adjustments to Stamp Duty Land Tax (SDLT) announced in the Labour budget on October 30, 2024, have brought significant implications for property investors. If you’re looking to make a residential property purchase, it’s important to consider how these changes may affect your return on investment (ROI). In a previous blog, we outlined the…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
The recent Autumn Budget has introduced notable adjustments to Capital Gains Tax (CGT) rates, set to affect taxpayers for the current tax year and beyond. These changes may have significant financial implications, especially for property investors and landlords, as they prepare for their tax liabilities by January 2026. Changes to Capital Gains Tax Rates Before…Read More
The recently released Autumn Budget presents the Labour government’s economic outlook and policy plans for the next five years, with significant updates affecting property owners and investors. Here’s what landlords need to know. 1. Increase in the Stamp Duty Land Tax (SDLT) Surcharge One of the major announcements in the budget is the increase in…Read More
Starting a small business is an exciting venture, but it often comes with financial challenges, especially if you are on a tight budget. Many small and micro business owners under-estimate the amount of money they need to invest in the business at start up and consequently the business never gets going to its full potential.…Read More
At PJCO Accountants, we understand that our success is directly tied to yours. That’s why we continually develop and train our ACCA-qualified accountants to deliver exceptional business, accounting, and tax services. Here’s how we can enhance your business: 1. Strategic Financial Planning We create detailed financial plans aligned with your business goals, guiding you through…Read More
As a landlord, managing your finances effectively is crucial to the success and growth of your property investments. One key aspect of this is filing your self-assessment tax returns on time. The official deadline for the year ending 5th April 2024 is the 31st of January 2025. However, there are many compelling reasons to consider…Read More
Understanding VAT Exemptions and Options When it comes to property rentals, VAT (Value Added Tax) can be a bit of a complex topic. Typically, properties rented out are exempt from VAT. This exemption means that landlords cannot charge VAT to their tenants. Consequently, landlords also cannot reclaim any VAT incurred on their expenses related to…Read More
If you have acquired a property from an estate and you are classed as a Property Trader you may be eligible to be exempt from SDLT, subject to a few relevant conditions. To be classed as a Property Trader you can be a company or a limited liability partnership and be in the business of…Read More
If you are currently letting out a FHL under the current scheme for this year you may be aware that in the 2024 Budget, the chancellor announced that from April 2025, the FHL tax regime would be abolished. This may raise concerns for those of you who are worried about the impact of reduced tax…Read More
In the corporate world, sometimes things aren’t exactly black and white when it comes to accounting procedures.
George W. Bush
