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 »
A brown envelope arrives in your letterbox, not with demands, but with a promise of a HMRC refund. As the 2023-24 tax year wraps up, HMRC is reviewing millions of taxpayer accounts to ensure everyone has paid just the right amount of tax. If you’ve overpaid, you’re in for a treat, with refunds averaging around… Read more »
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 »
As we approach the end of the 2023/24 tax year, it’s crucial to explore avenues for tax savings. Below are targeted strategies to enhance your tax planning before April 5, 2024. Remember, consulting a tax professional, such as www.taxexpert.co.uk, is always recommended when making substantial financial decisions. (Read Time: Approx. 11 minutes) Topics Discussed: Capital… Read more »
With The VAT rate steadfast at 20%, individuals and businesses should seek strategies that soften its financial impact. This necessity becomes more pronounced as we face an ever-evolving economic environment where effective financial planning is not just beneficial but essential. We talk about our ten favourite VAT-saving strategies, offering invaluable insights for both personal and… Read more »
Following the Spring Budget, Tax updates have been announced, ranging from National Insurance cuts to alterations in the taxation of non-domiciled residents, which could significantly impact personal finances and investment strategies. Here’s our top 10: (Read Time: Approx. 8 minutes) Topics Discussed: 1. Cuts to National Insurance Contributions Employees will see the main rate of… Read more »
Dealing with HM Revenue and Customs (HMRC) during disagreements can seem daunting; it’s like an individual going up against a powerful tax organisation. However, there’s a silver lining: you have the right to challenge HMRC’s decisions, and submit HMRC appeals. (Read Time: Approx. 4 minutes) Topics Discussed: Your Right to HMRC Appeals: A Closer Look… Read more »
In the evolving journey of a business, growth brings both opportunities and complexities, particularly in managing taxation and protecting assets. We discuss sophisticated structures of mature businesses, offering insights on achieving tax and fortifying asset security strategies. (Read Time: Approx. 3 minutes) Topics Discussed: The Path of Expansion and Its Tax Challenges As businesses expand,… Read more »
The rules surrounding tax relief on travel and incidental costs are quite specific for journeying between various work-related locations. (Read Time: Approx. 3 minutes) Topics Discussed: Eligibility for Tax Relief Owners and managers are often required to travel extensively for work, whether it’s between different workplaces, appointments, or other business activities. Fortunately, these travel costs,… Read more »
Understanding specific SDLT reliefs in property taxation is vital for tax savings. One such relief, often overlooked yet remarkably beneficial, is the Multiple Dwellings Relief (MDR) as part of Stamp Duty Land Tax (SDLT). (Read Time: Approx. 3 minutes) Topics Discussed: • The strategic advantages of Multiple Dwellings Relief (MDR) in property acquisitions.• A practical… Read more »
