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 »
Posts Categorized: Friday Tax Tip’s
Do Limited Liability Partnerships Pay Corporation Tax? A Simple Explanation
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 »
HMRC’s Landlord Crackdown Begins with Renter Reform Bill
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 »
PPR Relief: Why Returning to Your Rental Property Matters
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 »
Understanding the Tax Implications of Transfer of Assets Abroad
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 »
Nil Rate Band for Inheritance Tax
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 »
Why You Desperately Need a Business LPA
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: Paddock Ruled as Such in Recent SDLT Case
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 »
Stamp Duty On Mixed Use Property
Stamp Duty Land Tax (SDLT) is an important consideration when purchasing a property, especially when dealing with mixed-use properties that combine residential and non-residential elements. In this blog post, we will explore the concept of mixed-use properties for SDLT purposes and discuss the specific considerations related to Stamp Duty on such properties. (3-minute read) We… Read more »
Stamp Duty Refund On Uninhabitable Property
Here’s a scenario that could get you a Stamp Duty refund that you might not be aware about. (2-minute read) We will cover: What makes a property ‘uninhabitable’ The rules surrounding Stamp Duty refunds for uninhabitable property Here’s an important topic that could significantly impact your property investments: potential Stamp Duty Land Tax (SDLT) refunds… Read more »