Setting up a business is both exciting and worrying. There’s so much to do and the topic of tax deductible expenses for business might not even be on the radar! However, no doubt you want to optimise your tax position whilst making sure you stay on the right side of HM Revenue and Customs (HMRC). […]
Author Archives: Priya Raja-Motala
29
May
May
The Prime Minister, Rishi Sunak, called a general election last week, scheduled for July 4, 2024. This will mark the first July election since 1945. There is only a six-week campaign period. As a result, there will be no pre-election fiscal statement. Instead, the government is relying on the drop in inflation to 2.3% and […]
22
May
May
With uncertainty looming over the UK economy, making sound decisions for your business is more crucial than ever. We think using cloud accounting is part of the solution and there are countless reasons why your business needs management information. Cloud Accounting If you are using cloud accounting you are on the right path but […]
14
May
May
When selling your home, there are plenty of things to consider and take care of, but tax does not usually fall under that umbrella. The good news is that you typically don’t have to pay tax on the sale of your home or primary residence which is its official name. Capital Gains Tax (CGT) is […]
08
May
May
According to the Office of National Statistics. (ONS) in early April 2024, one in five (22%) of trading businesses were affected by current uncertainty. Long-term growth also remains a huge concern. This is therefore a good time to remind you to look out for warning signs of insolvency. Common warning signs could signal financial and […]
01
May
May
The HM Revenue and Customs (HMRC) Let Property Campaign (LPC) provides you with an opportunity to disclose any undeclared property income. By taking advantage of this campaign, you could get your tax affairs up to date and benefit from the best possible terms. It is always advisable to approach HMRC first because it puts you […]
24
Apr
Apr
Earning a six-figure salary is an exceptional feat, providing a sense of financial security and abundance. However, it’s important to note that a higher income can lead to complicated tax affairs. There are various tax implications of earning over £100K so let’s have a look at them. One of the main tax implications of earning […]
17
Apr
Apr
Last October, the Economic Crime and Corporate Transparency Act 2023 (ECCTA) was introduced to tackle fraud and economic crime in the UK. One of its key objectives is to improve the quality of data held at Companies House. As a result, on 4th March 2024 changes at the Companies House came into being. Overview […]
Landlords, Tax Advice, Tax Tips
Are you letting out a residential property through a limited company?
05
Apr
Apr
In recent years many landlords have preferred to set up a structure of a property limited company to ease the burden of tax. Of course, this can be a good choice. However, if you are letting out a residential property through a limited company you may have other tax obligations. As a property investor, you […]
20
Mar
Mar
Among the announcements in the Spring 2024 Budget earlier this month was the decision to abolish the Furnished Holiday Let (FHL). This means the loss of tax breaks for that type of rental business. Did you watch the Chancellor’s budget speech? During the speech, he mentioned Hon Members from St Austell and Newquay, North Devon, […]