If you’re a property owner, get a grip on the tax implications of incorporating your residential property business and transferring your property into a limited company. While it might seem daunting, mastering these specific tips is key to unlocking potential tax benefits. Keep reading to harness tax advantages in your property business. (Read Time: Approx…. Read more »
The Self-Assessment tax journey often leaves many puzzled, particularly when considering factors like directorship, capital gains, or simply understanding HMRC’s outlined rules. This often leads to people who need to file Self-Assessment returns not doing so, which leads to unexpected tax bills, and on top of that, fines. We’ve put together a guide on when… Read more »
The modern business landscape often blurs the lines between personal and professional spaces. For directors who find themselves in a position where their home doubles as their workspace, the question arises: Can you charge your company rent for this dual use? (Read Time: Approx. 3 minutes) Topics Discussed: When Home Becomes the Boardroom Directors may… Read more »
This guide will walk you through the critical points and help you prepare for the impending deadline with a strategy to mitigate penalties and safeguard against HMRC inquiries. (Read Time: Approx. 5 minutes) Topics Discussed: Deadline Dynamics and Penalties For the fiscal year 2022-23, the deadline for online tax return submissions is on 31st January… Read more »
In a recent sweep, HM Revenue and Customs (HMRC) set its sights on the burgeoning issue of electronic till fraud in the takeaway and restaurant industry. Over the past month, HMRC officers have made unannounced visits to 24 hot food takeaways and restaurants in the Scottish capital, as well as in London, St Helens, and… Read more »
(Read Time: Approx. 5 minutes) Welcome to this week’s Friday Tax Tip, with our final and festive tip of the year. Christmas can be one of the most expensive times of the year to all of those who celebrate. So, we’ve taken some essential tax tips to help you save money over the holiday period…. Read more »
Navigating the tax implications of property investments just got trickier. HMRC’s Spotlight 63 casts doubt on a popular tax-planning scheme for landlords, challenging its legality and effectiveness. This revelation raises crucial questions for buy-to-let (BTL) property owners entangled in the complex world of hybrid partnerships. (Read Time: Approx. 2 minutes) Topics Discussed: The Scheme’s Mechanics… Read more »
Bangers and Cash isn’t just about classic British cuisine, but rather delving into the intriguing realm of classic car sales within a company structure. Explore the financial and tax intricacies of selling high-value vehicles to a limited company, where strategic planning meets compliance. (Read Time: Approx. 3 minutes) Topics Discussed: What Happens When You Sell… Read more »
Today, we explore the ongoing situations surrounding two firms specialising in tax structuring for landlords: Property118 and Less Tax 4 Landlords We discuss the potential implications for their clients, and the community of landlords making use of any tax structuring firms. We offer our opinion to those affected by either of these companies or find… Read more »
In the complex world of property ownership, the distinction between legal and beneficial ownership is not only pivotal but often misunderstood. This understanding is especially crucial when it involves joint property, where nuances in ownership can significantly impact financial and legal outcomes. (Read Time: Approx. 4 minutes) Topics Discussed: Understanding Legal Ownership in Joint Property… Read more »
