9. As joint tenants, are we forced to split the income for tax purpose? Question: My wife and I own a property as Joint Tenants as opposed to Tenants in Common. Due to our respective incomes, it would be more advantageous if we could apportion all of the income to my wife. Answer: In order…
Advisory Fuel Rates (AFR) for company car users from 1st September 2023 Table of Contents Overview of Advisory Fuel Rates (AFR) HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2023, increasing the rate for electric cars The advisory fuel rates that apply from 1 September 2023…
Tax filing deadline: September to December 2023 In our handy guide to tax filing deadlines, we provide an at-a-glance guide of filing/submission obligations and payment deadlines. September 2023 1 September Corporation tax due for accounting periods ended 30 November 2022 where not payable by instalments HMRC reviews advisory fuel rates for company cars 7…
Best Business Bank AccountsOverview & comparison Table of Contents How to Open a Business Bank Account in the UK A business bank account is an essential requirement for any company operating in the United Kingdom. It separates personal and business finances, facilitates smooth financial transactions, and enables businesses to build a positive credit history. It…
Gaps in national insurance for state pension What’s the fuss about gaps in national insurance for state pension? The government has announced that taxpayers now have an additional period of nearly 2 years, until 5 April 2025, to rectify gaps in their National Insurance record for state pension starting from April 2006. This extension allows…
Tax filing deadline: July to December 2023 In our handy guide to tax filing deadlines, we provide an at-a-glance guide of filing/submission obligations and payment deadlines. July 2023 1 July Corporation tax due for accounting periods ended 30 September 2022 where not payable by instalments 5 July Deadline for applying for a PAYE Settlement…
1. What expenses can I offset against rental income? Question: I have just purchased my first buy-to-let property and have managed to successfully let it out. However, I am unsure as to what expenses I can offset against my rental income. Answer: Remember the golden rule: If you have incurred a revenue expense for the…
Fraud: Convictions and sentences June 2023 £50k bounce back fraud: 6 years disqualification Mr Ahmed, from Essex, was the sole director of a limited company, trading as a bookkeeper. In July 2020, he applied for a £50,000 bounce-back loan for the company, after claiming that its previous year’s turnover had been £200,000, whereas the actual…
Introduction: Jointly owned property Under English property law, there are two ways in which property can be owned jointly as joint tenants and as tenants in common. The way in which jointly held property is owned will dictate what happens when one of the co-owners dies. Regardless of whether the property is owned as joint…
Business & Tax News & developments Welcome to the latest edition of Business & Tax news and developments round up presented by Naail & Co. Interest rate hiked 0.5% to 15-year high The Bank of England has increased interest rates by 0.5% to 5% as it struggles to bring inflation under control. This was the…
Benefits of will Inheritance tax planning will only achieve the desired result if the people you plan to inherit your estate actually do so. For example, if you want to benefit from the inter-spouse exemption and ensure that no inheritance tax is payable on your estate by leaving everything to your spouse or civil partner,…
Government plans crackdown onUMBRELLA COMPANIES The Treasury is seeking input on how to improve protection for contractors that utilise umbrella businesses by establishing a legal framework and examining the procedures for paying employees and tax obligations. There are widespread worries that independent contractors are being tricked into joining umbrella businesses and frequently receive harsh tax…
