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Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry. If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.
Can paying dividends reduce your Company’s tax bill?
No it can’t. A Company pays Corporation Tax on its profits before dividends are paid out. Consequently, shareholders are treated as having already paid some tax on their dividends but they still have 7.5% dividend tax to pay (on dividends above £2,000) - and...
Mortgage References for business owners
Applying for a new mortgage or re-mortgage can be a stressful and time-consuming task for anyone. At least for people in full time employment there is a good chance that their income will have been consistent over the last few years. Unfortunately, people running...
What are the capital gains tax rules on sale of residential properties?
If you are a UK resident and you are selling your residential property on or after 6th April 2020, any Capital Gains Tax due will have to be calculated and paid to HMRC within 30 days of the sale. For...
What is the Tenancy Deposit Scheme (TDS)?
This is a government-backed scheme that protects a tenant and the deposit they initially put down when entering into a new tenancy agreement. This amount is decided by the landlord and is typically in proportion to the monthly rent up to a maximum of 5 weeks’ rent (or...
HMRC Buy to Let Amnesty
If you rent out a residential property, HMRC will want to know the total amount received and the expenses you’ve paid for. It applies even if there were periods when the property was empty. So what to...
What is an LLP or Limited Liability Partnership?
An LLP or Limited Liability Partnership has some things in common with a Partnership but, like a Limited Company, it also has Limited Liability so partners cannot lose personal assets. LLP’s are easy to join and to leave –...
What expenses can be claimed against rental income?
Common expenses that can be claimed against rental income are: mortgage interest - even though there were new rules in April 2017; the management fees for the agent; maintenance of the building including...
What happens if I exceed the annual pension allowance?
The general rule is: For pension contributions, there is an Annual Allowance (of £40,000 for 2020/21) which is the maximum one can pay into a pension scheme in a tax year. If you (or your employer) don't use all of the Annual Allowance, then you can carry forward...
What is a Confirmation Statement?
A Confirmation Statement is a document that Limited Companies must file at Companies House each year – generally online using the ‘authentication code’. It replaced the old Annual Return in 2016. It confirms if the statutory information is the same, or if there are...
What tax will I pay on a pension lump sum?
Since April 2015, people with private pension funds have had far more freedom about what they can do with their “pot” and many more people are taking advantage of this. They are able to take their whole pension as a lump sum without having to buy an annuity or similar...
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