When a property trader buys a residential property from an estate, they can...
Stamp Duty Land Tax (SDLT) Relief for Property Traders: Key Points
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Warning: Scam Letters Impersonating Companies House
Business owners, beware! Scammers are sending fake letters pretending to be...
Bank of England Keeps Base Rate at 5.25% Despite Inflation Drop
The Bank of England has announced today that the base rate will remain at...
Understanding Cash Basis Accounting for Your Self-Assessment Tax Return
As of 6 April 2024, the cash basis became the default method of accounting for...
Reminder: Second Payment on Account Due Soon
As June progresses, it's important for all our self-employed clients, to...
Uncertainty Surrounds Non-Dom Reforms in Latest Finance Act
In the run-up to the early general election, the government expedited the...
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Understanding Business Splitting – What It Is and How It Affects You?
As of 1 April 2024, the VAT registration threshold in the UK increased from £85,000 to £90,000. This means during twelve months, businesses with taxable sales exceeding £90,000 must register for VAT. The same applies if sales are forecasted to surpass this threshold...
Understanding Tax Deductible Repairs and Renewals
It is important to be able to distinguish between tax-deductible repairs and renewals. But what is the difference between them? Enhancements vs. Renewals: Any changes or enhancements made to an asset are considered capital, meaning they are not tax-deductible repairs...
How to Avoid a Huge Tax Bill When Working Abroad
What is the difference between being tax-free and paying a HUGE tax bill when you work abroad? It’s not a riddle or the start of a bad joke, the answer is simply one day. That is all it can take, just one day. When you are claiming non-residency under HMRC’s third...
The Bank of England cuts base rate to 5%
As of last week, August 1st, 2024, The Bank of England (BoE) reduced the base interest rate to 5%, the lowest it’s been since 2020. The 0.25% cut will impact things such as mortgages and savings rates, but by just how much, time will only tell. Why have interest rates...
Understanding Private Residence Relief (PPR)
Private Residence Relief can be a game-changer when it comes to payable Capital Gains Tax (CGT) when selling your home. Here's a simple guide to help you understand how absences and deemed occupation influence PPR relief. So what is Private Residence Relief (PPR)? PPR...