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 »
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 »
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 »
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 »
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 »
