Where a landlord runs an unincorporated property business, the profits from that business are charged to income tax. Where the business is carried on through a company, the charge is to corporation tax. There are four different types of property business: a UK property rental business; a UK furnished holiday lettings business; an overseas property
Identifying a UK Property Rental Business Read More »
Where a property is let out, there are likely to be periods when the property is empty, either between tenants or, in the case of a holiday let, between guests. Properties need to be maintained, and it is easier to undertake any work that may need doing, such as redecoration, while the property is empty.
Undertaking Work on a Rental Property while Empty – Can you Deduct the Costs? Read More »
The VAT is a simplified scheme that can save work. Instead of working out the VAT that you need to pay over to HMRC by deducting input VAT from output VAT, you pay a fixed percentage of your VAT-inclusive turnover. The percentage depends on the nature of your business. Who Can Join? To be
VAT Flat Rate Scheme – Is It Worthwhile? Read More »
Wondering how to avoid capital gains tax on gifts? Read this quick post to learn how you can eliminate or reduce your CGT on gifts. Remember that every gift you make is not exempt from CGT. There are some complex rules regarding which you don’t need to pay capital gains tax. In today’s post, we’d
How to Avoid Capital Gains Tax on Gifts? A Quick Guide Read More »
If you are wondering what is MLM or multi-level marketing you are in the right place. In today’s blog, we’ll dig deep into this business model, famous companies that work on MLM model, how does MLM model work and how to work out if MLM company is legitimate. Read on to explore! Accomplish your
What is MLM (Multi-Level Marketing)? A Beginner’s Guide Read More »
A full single tier state pension is payable to people who have 35 qualifying years. Individuals who have less than 35 qualifying years, but at least 10 qualifying years are entitled to a reduced state pension. A person builds up qualifying years by paying sufficient National Insurance contributions and/or receiving National Insurance credits. Anyone who
Do I Need to Top up My Pension? Read More »
Whatever income you make from your business sales falls under gross or net revenue, but both of them are distinct from each other. As a small business owner, you need to track both to ascertain the financial position of your business. Knowing gross revenue vs net revenue helps you to understand how well you are
Gross Revenue vs Net Revenue: What’s the Difference? Read More »
Under the current rules for determining which profits of an unincorporated business are taxed in a particular tax year, some profits may fall to be taxed twice in the opening years of a business. These profits are known as overlap profits. Once the business is up and running, the profits that are currently taxed for
Overlap Profits – What are They and When is Relief Given? Read More »
Many of our clients wonder how to dissolve a company cost-effectively without much hassle, the best way to do this is to dissolve or strike off a company voluntarily. This will remove your company from the register of Companies House. However, there are certain conditions you need to meet to do a voluntary dissolution. By
How to Dissolve a Company? A Quick Guide Read More »
Not all types of income are equal from a tax perspective, and savings income enjoys dedicated allowances, tax rates and reliefs which allow a taxpayer to enjoy some or all of their savings income tax-free. Personal Allowance The personal allowance for both 2021/22 and 2022/23 is set at £12,570. Any savings income that is
Income from savings – What is tax-free Read More »
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