Posts Tagged: taxes

Understanding Property Income
and Its Tax Implications

property income tax

Property income and its taxation can be daunting for individuals, trusts, and companies alike. Whether you’re an experienced landlord or considering entering the property market, understanding how property income is taxed is crucial to ensuring financial efficiency and compliance with tax regulations. (Read Time: Approx. 5 minutes) Topics Discussed: • Delving into taxation for property… Read more »

Inheritance Tax & Gifting Property –
What you need to know

gifting property

Inheritance Tax (IHT) implications have become increasingly pertinent, encouraging many to consider the consequences of estate planning and asset gifting. A question from a client concerning the tax implications of transferring ownership of a home to a family member while continuing to live in it, highlights the complexities of the “Gift with Reservation of Benefit”… Read more »

Offshore Companies Owning UK Residential Property

offshore uk property

Are There Tax Implications? Holding UK property through offshore companies requires a keen understanding of current tax implications. Whether you’re an investor, a business owner, or engaging in property trading, knowing how you could be liable for tax is crucial. (Read Time: Approx. 4 minutes) Topics Discussed: • Understanding the tax treatment for non-UK resident… Read more »

Transferring Property into a Limited Company – Tax Considerations

transferring property into a limited company

If you’re a property owner, get a grip on the tax implications of incorporating your residential property business and transferring your property into a limited company. While it might seem daunting, mastering these specific tips is key to unlocking potential tax benefits. Keep reading to harness tax advantages in your property business. (Read Time: Approx…. Read more »

Your Obligation to File Self-Assessment Tax Returns – Explained

self assessment tax return

The Self-Assessment tax journey often leaves many puzzled, particularly when considering factors like directorship, capital gains, or simply understanding HMRC’s outlined rules. This often leads to people who need to file Self-Assessment returns not doing so, which leads to unexpected tax bills, and on top of that, fines. We’ve put together a guide on when… Read more »

Bill Your Company for
Home Office Space Use £

Home office space

The modern business landscape often blurs the lines between personal and professional spaces. For directors who find themselves in a position where their home doubles as their workspace, the question arises: Can you charge your company rent for this dual use? (Read Time: Approx. 3 minutes) Topics Discussed: When Home Becomes the Boardroom Directors may… Read more »

Last-Minute Tax Return Tips

tax return tips

This guide will walk you through the critical points and help you prepare for the impending deadline with a strategy to mitigate penalties and safeguard against HMRC inquiries. (Read Time: Approx. 5 minutes) Topics Discussed: Deadline Dynamics and Penalties For the fiscal year 2022-23, the deadline for online tax return submissions is on 31st January… Read more »

Are You Financially Prepared for Christmas?

(Read Time: Approx. 5 minutes) Welcome to this week’s Friday Tax Tip, with our final and festive tip of the year. Christmas can be one of the most expensive times of the year to all of those who celebrate. So, we’ve taken some essential tax tips to help you save money over the holiday period…. Read more »

HMRC’s Spotlight 63: Challenging the Viability of Hybrid Partnership Plans

spotlight 63

Navigating the tax implications of property investments just got trickier. HMRC’s Spotlight 63 casts doubt on a popular tax-planning scheme for landlords, challenging its legality and effectiveness. This revelation raises crucial questions for buy-to-let (BTL) property owners entangled in the complex world of hybrid partnerships. (Read Time: Approx. 2 minutes) Topics Discussed: The Scheme’s Mechanics… Read more »