Latest Blogs

06/12/2024

Tax-efficient Christmas parties and gifts

Employers looking to spread some seasonal cheer can do so in a tax-efficient manner by taking advantage of the exemptions for annual parties and functions and trivial benefits.

06/12/2024

Dispose of your business for best BADR rates

Business Asset Disposal Relief (BADR) is a valuable relief which reduces the rate of capital gains tax payable on gains made on the disposal of all or part of a business or the sale of shares in a personal trading company. The relief was previously known as Entrepreneurs’ Relief

06/12/2024

Impact of increase in SDLT supplement

Despite the shortage in rental accommodation, investment in residential property is out of favour. In her Autumn Budget, the Chancellor increased the cost of buying a second or subsequent residential property by raising the stamp duty land tax (SDLT) supplement by two percentage points, from 3% to 5%, with effect from 31 October 2024.

18/11/2024

Overdrawn director's loan account

In personal and family companies, the lines between the company’s finances and the director’s finances may become blurred. A director may withdraw money from the company for personal use or may lend money to the company. The company may pay some of the director’s personal bills, and the director may personally meet some company expenses. The director’s loan account is simply an account for recording the transactions between the director and the company in much the same way as a bank account.

18/11/2024

Home responsibilities protection

Entitlement to the full state pension depends on having sufficient qualifying years. Where a person reaches state pension age on or after 6 April 2016, they need 35 qualifying years for a full state pension. If they have less than 35 qualifying years but at least 10, they will receive a reduced state pension.

18/11/2024

Different ways of owning property

Under English property law, there are two ways in which property can be owned jointly – as joint tenants and as tenants in common. The way in which the property is held can have tax consequences. It also determines what happens if one of the joint owners dies.

15/11/2024

File your tax return by 301 December

If you pay tax through PAYE, as will be the case if you are an employee or a pensioner, you may need to complete a Self Assessment tax return if you have other sources of income, such as income from property or investments or from self-employment. If at least 80% of the tax that you owe is collected through PAYE, you will not have to make payments on account, even if the tax that you owe under Self Assessment is more than £1,000.

11/10/2024

Using a property company for furnished lets

Using a property company for furnished holiday lets The current tax regime for furnished holiday lettings has a number of advantages, including the ability to deduct interest and finance costs in full when calculating the taxable profit. This enables the landlord to secure tax relief for interest and finance costs at their marginal rate of tax, something that is advantageous where the landlord pays tax at the higher or additional rates and has a mortgage on properties which are let as furnished holiday lets.

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