In the dynamic world of business, making the right decisions early on can have a lasting impact on your tax liabilities. One such critical choice is the business structure, with options ranging from sole proprietorships to corporate entities. However, for many business-people, the choice often narrows down to two options: a Limited Liability Partnership and… Read more »
Who knew marriage could be so financially rewarding? In the dance of matrimony, not only do hearts intertwine, but so do financial perks. Dive in as we unravel the tax secrets every married couple should know. (Read Time: Approx. 3 minutes) Topics Discussed: A Trip Down Memory Lane: The 1990 Tax Evolution Venturing back in… Read more »
There’s been a rising tide of conversation within the property sector concerning a particular tax planning option related to landlord property transfer to company You may have heard of it referred to as the ‘hybrid business model’. On the surface, it appears to offer numerous benefits, from reduced taxes on property business profits to lessened… Read more »
For a landlord, it’s crucial to be aware of the taxes you might have to deal with, specifically Capital Gains Tax (CGT) and Inheritance Tax (IHT) upon your demise. Before figuring out which of these taxes will apply (or in some cases, when both apply), you first must find out: do your assets or the… Read more »
Incorporating a property business or buy-to-let portfolio is no small decision. It presents both opportunities and complexities, especially in the realm of tax considerations. In this week’s Friday Tax Tip, we aim to simplify these complexities for you. (Read Time: Approx. 6 minutes) Topics Discussed: Incorporation: Property Business/Buy-to-Let When considering the incorporation of a residential… Read more »
For many landlords, understanding capital allowances is crucial to optimising tax savings within their rental businesses. This article offers an insight into what capital allowances can be claimed by landlords and delves into both commercial and residential property allowances. (Read Time: Approx. 4 minutes) Topics Discussed: Commercial property When it comes to non-residential let properties,… Read more »
In the past, individuals have tried to avoid paying tax by attempting to hide their online sales activity from HMRC. HMRC has shown that it possesses robust information gathering powers, enabling the authority to directly access data from major UK marketplaces like eBay and Amazon. This is especially evident when there’s an inkling that a… Read more »
What is the most tax-efficient way to property buy-to-let ownership? Personally, or via a company? What are the income and Corporation Tax, CGT, IHT, ATED, SDLT or VAT issues? With tips on profit extraction and other planning points, case studies and links to further guidance. (Read Time: Approx. 4 minutes) Topics Discussed: Corporate money box/alternative… Read more »
Inheritance Tax (IHT) plays a crucial role in estate planning. It can be challenging to determine when it applies and the rate at which it’s charged. With our guide, navigating the complexities of IHT becomes more manageable. Read on through this week’s Friday Tax Tip to learn about the Inheritance Tax Calculator for Married couples,… Read more »
When gifting private company shares to your family members, there are several intricacies to consider. Today, we will discuss the tax implications that come along with gifting company shares. Explore the reliefs that can potentially apply to navigate this process effectively and save you money. (3-minute read) We will cover: Overview of Gifting Company Shares… Read more »
