Posts Tagged: bookkeeping

Gift Property ➝ Pay Less Tax

Image of a family member handing over the keys of a property to another family member. The property is in the background and out of focus.

When gifting property to family members, it’s vital to consider the tax implications. The process might appear straightforward initially. Yet, the intricate nuances of tax regulations can lead to unforeseen tax consequences. (6-minute read) We will cover: Capital Gains Tax (CGT) Gifting property within a family entails crucial tax considerations, especially concerning Capital Gains Tax… Read more »

Tax Advantages for Furnished Holiday Lettings

Furnished Holiday Lets

Are you considering owning a Furnished Holiday Letting (FHL)?   Wondering how you can qualify for significant tax benefits and what the associated rules are?   On this Tax Tip, discover the tax advantages of a Furnished Holiday Letting.  (6-minute read) We will cover: Understanding Furnished Holiday Letting   Qualifying as an FHL To gain FHL status, your… Read more »

Protect Your Business: Lasting Power of Attorney

business lasting power of attorney

Have you ever wondered what could happen to your business if you couldn’t run it anymore? We’ve partnered with Noor Law Solicitors to find out more about how a Business Lasting Power of Attorney can help your business. Guest Article by Saara Patel, Director | Noor Law Solicitors (7-minute read) We will cover: What could happen to… Read more »

How Doctors and Dentists Can Claim Tax Back On Tools Bought For Work

how to claim tax back on tools bought for work

If you’re an NHS doctor or dentist, you need to know about your allowable expenses. For instance, to find out how to claim tax back on tools bought for work So if you work in healthcare or with the NHS, our guide explains what you’re allowed to deduct from your taxes. (4-minute read) We will… Read more »

Handling HMRC Letters: Your Guide to Confidently Navigate Tax Investigations

why would i get a letter from hmrc

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 »

Main Residence Stamp Duty: How can you reclaim the 3% surcharge?

Main Residence Stamp Duty

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 »

R&D Changes – What To Know For 2023

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 »

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 »