Partnership Types There are 3 different Partnership Types, which can suit differing business scenarios: General Partnership Act 1890 (GP) Limited Partnership Act 1907(LP) Limited Liability Partnership Act 2000 (LLP) Other areas covered are: LLP Disguised Employees Conditions Mixed Partnership – HMRC Manual PM 210000 Types of Partners Partnerships used to charge Limited Companies There is another type of partnership for …
2020 Budget and Coronavirus Government Assistance
With the recent 2020 Budget and now daily announcements regarding Coronavirus Government assistance, we want to take a proactive approach by providing you with a useful resource of links to assist you and your business. LAST UPDATE 06/05/20 – Bounce Back Loan is live and SEISS (Self-employed support) RPP and Coronavirus In these uncertain times we wanted to let all …
Capital Gains Tax on a Residential Property 60 day reporting
Contents Capital Gains Tax on a Residential Property Recommendation Why is this Important? Capital Gains Tax on Residential Property What is Capital Gains Tax? Who will need to report the Capital Gains Tax within 60 days? Who won’t have to make a CGT report and make a payment? What is Principle Private Residence Relief? Lettings Relief Non-Resident Capital Gains Tax …
Off-Payroll Working Rules (IR35)
The new Off-Payroll Working Rules were set to be introduced from 6 April 2020, but have now been delayed to 2021. These follow the rules that were introduced for the public sector in 6 April 2017. The public sector rules can be found here. What is the major difference to the new Rules? The old rules placed the onus on …
Changes in Lettings Relief
Taxpayers can currently obtain a rather generous tax relief (known as ‘Lettings Relief’) on sales of buy-to-let properties. This applies if they have been rented out a property which has been their main residence. However, changes in Lettings Relief will be coming into effect in the near future. The lettings relief is currently the lowest of: The Principal Private Residence …
Benefits of Outsourcing Bookkeeping
Many business owners choose to carry out their own bookkeeping; with the main benefit being the cost savings paying a bookkeeper. However, when you look at the benefits of outsourcing bookkeeping, you may find the cost is well worth it. If the bookkeeping is relatively straightforward and the owner is content to spend their own time, away from the principal business activity, …
What are the Rental Expenses for Buy-to-Let Properties?
Ensuring you claim the correct rental expenses against your income for buy-to-let properties is not always obvious. The HMRC Property Income Manual can be found here. This article written by RPP Accountants explains what can and can’t be claimed as a revenue expense for buy-to-let properties. HMRC have also produced other guidance for landlords here. The starting point for any …
Sole Trader vs Limited Company
The choice between Sole Trader vs Limited Company can be a tough one, It’s important to consider the issues and make the right decision to suit your needs. Some of the items to consider when deciding on the best option are: Limited Liability Taxation Reporting Requirements Recognition Limited Liability One of the main advantages of having a limited company is …
Self-Assessment Tax Returns
You are probably wondering why in August we have chosen to write about Self-Assessment, when the deadline for filing manual tax returns is 31st October 2018 and the deadline for on-line submissions is 31st January 2019. HM Revenue and Customs (HMRC) notifies individuals who must file a Self-Assessment Tax Return after the end of the tax year. The tax year runs …
PAYE Coding Notice and Tax Refunds
Reviewing your PAYE coding notice is vitally important to make sure you’re being taxed correctly; if not you may be due a tax refund. PAYE stands for Pay As You Earn. This is the standard method for deducting Income Tax & National Insurance from your wage/salary or pension before you receive it. It was introduced in 1944. What is a PAYE …