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Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry. If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.
HMRC Buy to Let Amnesty
If you rent out a residential property, HMRC will want to know the total amount received and the expenses you’ve paid for. It applies even if there were periods when the property was empty. So what to...
What is an LLP or Limited Liability Partnership?
An LLP or Limited Liability Partnership has some things in common with a Partnership but, like a Limited Company, it also has Limited Liability so partners cannot lose personal assets. LLP’s are easy to join and to leave –...
What expenses can be claimed against rental income?
Common expenses that can be claimed against rental income are: mortgage interest - even though there were new rules in April 2017; the management fees for the agent; maintenance of the building including...
What happens if I exceed the annual pension allowance?
The general rule is: For pension contributions, there is an Annual Allowance (of £40,000 for 2020/21) which is the maximum one can pay into a pension scheme in a tax year. If you (or your employer) don't use all of the Annual Allowance, then you can carry forward...
What is a Confirmation Statement?
A Confirmation Statement is a document that Limited Companies must file at Companies House each year – generally online using the ‘authentication code’. It replaced the old Annual Return in 2016. It confirms if the statutory information is the same, or if there are...
Can I give my house to my children to save IHT and avoid nursing home costs?
There are potential problems – so do speak to a financial advisor. Inheritance Tax (IHT) Genuinely giving the house to your children, or selling it and giving them the cash, means that if you live on for 7 years, it will not be counted as part of your Estate for IHT....
Tax Relief on Pensions
There are a few issues that we regularly see around the subject of tax on pensions: Employees earning over £50,270 (the Higher Rate Tax threshold for 2022/23), sometimes think they will automatically obtain tax relief on their contributions when they pay into a...
Tax on overseas income
If you are working overseas and pay tax there, you can usually claim what is called a Foreign Tax Credit. The UK has an agreement with nearly every country in the world, so when you pay tax overseas you can enter it in your...
National Insurance – the forgotten tax
National Insurance (NI) is one of the most important, overlooked, taxes for most working people. In context, for an employee earning between £12,500 and £50,000 per year, for every extra £1 they receive in net pay, the Treasury receives 67.35p (29.41p in Income Tax...
What income is tax free?
Over the last year or two, and partly to remove some taxpayers from the Tax Return system (because they cost more for HMRC to administer than they pay in tax), certain types of income are not taxable up to a certain level. ...
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