Reclaiming Section 455 Tax
The tax liability incurred when a director borrows loan from a close company is referred to as section 455 charge.
Brace Yourself for HMRC’s New Interest Rates – Highest Since 2001
This article discusses the recent increase in late payment and repayment interest rates to 7.5% and 4%, respectively, following the Bank of England's base rate rise to 5%, with implications for various tax bills and the likelihood of further adjustments...
Incorporation Relief – Transfer of Liabilities
This article talks about the complexities of transferring liabilities during the incorporation of a property partnership business into a limited company, discussing key considerations, incorporation relief qualifications, and methods such as novation and indemnity to ensure a smooth transition.
What are the Changes in Corporation Tax Rates from April 2023?
In this article, we delve into the upcoming changes in UK corporation tax rates effective from April 2023. The new structure introduces a small profits rate of 19% for profits up to £50,000, escalating to 26.5% for profits ranging between...
A Complete Guide to Non Resident Landlord Scheme
In this article, we discuss the Non-Resident Landlord Scheme (NRLS), a system where tenants or letting agents deduct tax from the rental income of non-UK residents.
A Complete Guide on Land Remediation Relief
This article discusses Land Remediation Tax Relief in the UK, which offers up to a 150% deduction for cleaning and reclaiming contaminated land, promoting economic growth and environmental sustainability.
Mini-Budget 2022 : Tax Changes Not To Miss for Property Business
This article discusses the Mini-Budget 2022, covering doubled Stamp Duty thresholds, a 25% Corporation Tax increase, reversed income tax rate cuts, and planned investment zones, highlighting opportunities and challenges for individuals and corporations in the property business.
Tax on Airbnb Income
The article outlines UK tax considerations for Airbnb hosts, covering the Rent-a-Room scheme, Capital Gains Tax reliefs, VAT implications, recent changes for serviced accommodation businesses, and HMRC's campaign targeting undeclared income.
Should I Incorporate to Avoid Section 24?
Many accountants suggest going the incorporation route to tackle Section 24, and it does come with its perks. But, hey, don't forget to watch out for the potential downsides too.
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