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 …
The Benefits of Having An Accountant
As the owner or director of a company you are responsible for the accounting records and must ensure they show a truthful financial position of the business. If you have no experience this may be a daunting task. It is essential that good records are kept so accounts can be prepared to the current statutory requirements to avoid incurring penalties. …
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 …
Payroll
Payroll can be a very rewarding and satisfying job, especially because everyone likes to be paid on time and accurately! Communication is vital to get things right and it is worth remembering that we all have a part to play in ensuring that personal changes and information are disclosed to “Payroll and Employers” as soon as possible. Changes in addresses marital status maternity/paternity …
Domestic Reverse Charges for the Construction and Building Sector
The Reverse Charges legislation for the Construction Industry will come into effect on 1st October 2019. There are the following questions that need clarifying: Why is the new legislation is being introduced? Who does this affect? What exactly does this affect? How does it work? What impact is this going to have on the affected businesses? Let’s start with the first question: Why? …
Auto-Enrolment Pension Contributions Increase From 6 April 2019
Auto-enrolment pension contributions are to rise from 6 April 2019 for both employees and employers. What are the increases? The minimum amount that should be paid into employee pensions rises from 6 April 2019 to 8% of an employee’s qualifying earnings. At least 3% must come from employers, while employees make up the difference. The table below shows how the …
Types of Financial Accounts for Private Companies and Filing Penalties
Considering the types of financial accounts for private companies and filing penalties that might apply is important for any business. In this article we have laid out the basic types available to assist with this. Financial Accounts Financial accounts are a historical record of your business’ performance over a past period, generally a year. They may be used for the …