There are several reasons that HMRC will send out a Tax Inquiry letter. Often, HMRC are lacking some information about the Tax that you owe, due to input error, or missed information which has been obtained from 3rd parties. If you’re asking yourself “Why would I get a letter from HMRC?”, generally it’s because of… Read more »
Dive into the details of Stamp Duty Land Tax (SDLT) and find ways to get your money back. If you had to pay the extra 3% tax when buying a new main residence, don’t worry. This complete guide makes understanding main residence stamp duty land tax simple, and demonstrating how you might get that 3%… Read more »
Following the March 2023 Budget, there have been some changes made to claiming your Research and Development (R&D) tax relief. If you are a business which makes use of R&D tax relief, ensure to familiarise yourself with the changes made, which will come into effect starting on 1 April 2023. (4-minute read) We will cover:… Read more »
When trying to decide on the best trading structure for your business, you’ll encounter a lot of complex terms and confusing tax rules. It can be especially difficult to understand the differences in the tax treatment for structures such as Limited Liability Partnerships (LLPs) and companies. Let’s break this down and answer the question, “Do… Read more »
The Renter Reform Bill grants HMRC access to landlord information, creating a “landlord database.” Will it lead to increased tax investigations? Find out more on today’s Tax Tip. (4-minute read) We will cover: How the Bill will collect data about landlords Why you should correct your tax situation Overview The Renter Reform Bill was recently… Read more »
When you own a property that was previously used as your Principal Private Residence (PPR) and you later rent it out, it’s essential to understand how this transition affects your tax liability. In this scenario, the impact on Principal Private Residence (PPR) tax relief, a significant tax advantage, should not be overlooked. (3-minute read) We… Read more »
What are the implications of transferring assets abroad if you own a Furnished Holiday Letting (FHL)? (3-minute read) We will cover: Tax reliefs you can get as an owner of a Furnished Holiday Let (FHL) Tax implications of transferring assets abroad What is Furnished Holiday Letting? An FHL is treated as a trading activity for… Read more »
If you want to leave gifts in your Will, you should stay informed about tax considerations. Today, let’s look specifically at the nil rate band. (6-minute read) We will cover: The different types of nil rate band that affect Inheritance Tax How to leave gifts while minimising tax liability Nil Rate Band 2023 What happens… Read more »
In this article, we walk you through the benefits of setting up a Business LPA – which can be an invaluable document to safeguard the future of your business. (6-minute read) We will cover: How a Lasting Power of Attorney protects your business Why you should plan ahead in case of mental or physical incapacity… Read more »
Non-residential stamp duty land tax (SDLT) rates offer a significant advantage over residential rates for costly properties, prompting buyers to explore ways to leverage these lower rates. In a recent high-profile case involving Mr and Mrs Suterwalla, their property’s separate paddock challenged the prevailing notion of what qualifies as “garden or grounds” for SDLT purposes…. Read more »
