Claiming rent-a-room relief while you’re away
You’re about to be posted to another part of the country for an extended period. You’re going to let your home to a friend while you’re away. Will you be entitled to claim rent-a-room relief against the rent you receive? Rent-a-room HMRC’s simplified method for working out taxable profits from letting part of your home […]
When is the right time to opt to tax a property?
The right time to opt to tax a property and whether you apply VAT to land and buildings that you own can be an important factor in your business tax planning. What are the key factors you should take into account before you “opt to tax”? Buildings – capital goods scheme If you spend £250,000 […]
Why Should You Set up a Limited Company?
Why Should You Set up a Limited Company? And why it is better than Self-employment? Limited personal liability One of the most beneficial advantages of forming your own company is the limited liability protection. This means that if your company run into any problem, your own personal assets are secure. This is because a limited […]
Stamp Duty Holiday
Stamp Duty Tax Holiday, Good news for Buy-to-let landlords, first time buyers and those who are planning to buy their next home. On Wednesday 8th July 2020, the Chancellor announced a stamp duty holiday for property buyers in England and Northern Ireland, starting immediately, until March 31st 2021. The stamp duty holiday means that if, […]
Expenses You Can Claim As A Contractor Through Your Limited Company
As a contractor, you have the benefit of claiming business expenses. This is beneficial in the sense; you will not have to pay taxes for the amount. If you are working through your limited company as a contractor, here are a list of expenses you can claim: Meal expenses You can claim for your meal […]
Tax Implications When Selling a Property
Tax Implications When Selling a Property – You have finally decided that it is time to sell your buy-to-let property but unsure what the tax implication would be? Here we provide you with the tax implication that should be taken into account: Income Tax As you are probably HMRC are, on year to year, reducing […]
