Corporation tax increases soon to take effect
Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now. While the changes do not come into effect for a year, applying from the financial year 2023 which starts on 1 April 2023, their impact will be felt sooner where […]
How do residential landlords get tax relief on finance costs?
From April 2017, the legislation changed in how landlords receive tax relief on finance costs including mortgage interest. The legislation has been gradually implemented over a 4-year period from 2017-18 tax year to 2020-21.
Loans to participators
Owner manager companies are usually ‘close companies’ that is ‘under the control of: (a) five or fewer participators, or (b) participators who are directors’. For most small, limited companies, ‘participators’ means ‘shareholders’. However, the legal definition is broader in that a ‘participator’ can be anyone (or their associate) with a financial interest in the company […]
Completing a VAT invoice – what entries are required?
When a customer purchases an item or service from a business an invoice confirming the amount to pay should be raised either at the time of ordering or after delivery. If the seller is VAT registered a specific type of invoice is required to charge VAT on sales or reclaim the VAT charged for goods and […]
What SDLT rates do companies pay on residential purchases?
Overview Stamp duty land tax or SDLT is a form of tax payable by the buyer on the purchase of land and buildings in England and Northern Ireland where the value is above a certain threshold. This threshold is known as the nil rate band. It is also payable on transfer of interests in land […]
How is dividend income taxed on individuals?
Overview Dividend is taxed based on the total dividends received in a tax year which runs from 6 April to the following 5 April. So, for example, dividends received in the year 6 April 2020 to 5 April 2021 will be taxed in 2020-21 tax year based on tax rates applicable for that year. There […]
Get Back More Time On Your Hands And Achieve Your Dreams
Working with us, you can expect to achieve your dreams faster – be it having more time out of your busy schedule to spend with family and friends and doing the things you love or buying your first home – because we completely take away your stress of remaining compliant and give you your much-needed time back. Not only that, unlike most accountants, we proactively advise you on how to save tax and keep more of your hard-earned income so you can live the lifestyle you want without worrying about paying too much tax.