In the complex world of property ownership, the distinction between legal and beneficial ownership is not only pivotal but often misunderstood. This understanding is especially crucial when it involves joint property, where nuances in ownership can significantly impact financial and legal outcomes. (Read Time: Approx. 4 minutes) Topics Discussed: Understanding Legal Ownership in Joint Property… Read more »
The much-anticipated Autumn Statement 2023 recently unveiled by the Chancellor of the Exchequer, Jeremy Hunt, brings significant changes impacting various sectors of the UK economy. From inflation forecasts to adjustments in taxes, benefits, and wages, the statement outlines crucial fiscal policies and projections for the coming years. We’re highlighting the most impactful financial changes, which… Read more »
Is your office in a festive mood? A festive get-together is a wonderful way to strengthen your staff’s bond and celebrate the completion of the year. Learn about effectively planning a Christmas Party, tax FREE. (Read Time: Approx. 3 minutes) Topics Discussed: Throwing the Perfect Tax FREE Party End-of-year staff parties are not just about… Read more »
Have you heard of this unknown and mostly unclaimed allowance? People over 66 can claim for this non-means tested allowance on a wide range of health issues. This applies regardless of your income or savings! This guide explores what Attendance Allowance is, how to claim, and who is eligible. (Read Time: Approx. 3 minutes) Topics… Read more »
As we all know, Inheritance Tax takes away from the sum you inherit on the unfortunate passing of a loved one. There are some methods to limit the amount of tax you’re dealt, and today, we’re going to talk about the appropriately dubbed inheritance ‘Generation Skipping’ Read through our guide on why you would skip… Read more »
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 »
