Posts Tagged: business

Clever way to utilise your pensions annual allowance

pensions annual allowance

Understanding how to effectively use your pension’s annual allowance, especially in a tax year without earnings, can significantly impact your retirement savings. With changes in the annual allowance from £40,000 to £60,000 in 2023/24, it’s crucial to grasp the importance of pension contributions and the benefits they offer. (Read Time: Approx. 3 minutes) Topics Discussed:… Read more »

Dividends V Bonuses – Which will save Tax?

Dividends Bonuses

After the Corporation Tax rate increased from 19% to 25% in April 2023, the longstanding preference for dividends over bonuses is up for debate. This shift necessitates a deeper exploration into which form of profit distribution—dividends or bonuses—provides better tax efficiency under current tax regulations. (Read Time: Approx. 4 minutes) Topics Discussed: Understanding Dividends and… Read more »

Tax Efficient Professional Will Drafting

Will Drafting

Drafting a will goes beyond the simple division of assets—it’s a crucial decision that significantly impacts the financial legacy you leave behind. Particularly, it affects how much Inheritance Tax (IHT) your heirs might have to pay. Engaging a professional solicitor ensures that your will is legally sound but also drafted to maximise tax efficiency, thereby… Read more »

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Tax Credits on Commercial Property Ownership

Tax Credits

Capital allowances offer significant tax advantages for commercial property investors, allowing for tax credits and refunds based on embedded fixtures and fittings. By enabling businesses to deduct these costs from their taxable profits, capital allowances reduce tax liabilities and release funds for reinvestment. In this Friday Tax Tip, we discuss what Capital Allowances are, how… Read more »

Everything You Need to Know About Inheritance Tax

Inheritance Tax

Managing Inheritance Tax (IHT) can be challenging. With the right strategies, however, it’s possible to significantly mitigate the impact of this tax on your estate before and after you pass. This guide offers detailed insights and practical advice on how to reduce your IHT liability, ensuring your wealth is protected and passed on according to… Read more »

Tax Advantages of Charity Registration

Charity Registration

With over 165,000 registered charities, it prompts a significant question for any prospective charity: Is the pursuit of registered status the right path for us? This decision involves considering your company’s values, as well as your ability to understand and apply strict regulations. (Read Time: Approx. 4 minutes) Topics Discussed: Charity Registration: To Be or… Read more »

Should I put my buy-to-let properties into a limited company?

buy-to-let properties

This week, we’ve had an interesting question regarding by-to-let property management, and with permission of those who submitted, we’ve our answer with you. Remember, email us at info@taxexpert.co.uk with any of your burning questions, and we’ll get back to you. (Read Time: Approx. 3 minutes) Topics Discussed: Exploring the Benefits and Costs of Incorporating Buy-to-Let… Read more »

The Family Business Advantage in Tax Planning and Employment

Family Business

Employing family members within a private business is a strategy embraced by many for its substantial tax benefits and the personal satisfaction of running a family-oriented operation. However, navigating the legal and tax implications demands careful consideration and strategic planning. In this week’s Friday Tax Tip, we explore the why and how of employing family… Read more »

Mastering UK Property Taxes in 2024

UK Property Taxes 2024

Property taxation is often changing and updating, and includes specific taxes, such as Capital Gains Tax (CGT), Corporation Tax, and Income Tax on rental earnings. Each year can bring some changes, and with 2024 bringing an adjustment of CGT rates for residential property disposals, understanding the impact of these taxes is crucial for property owners…. Read more »