Benefits of buying properties through a limited company
Whether you are familiar with property investment or are just getting started, you may have heard the term “limited company”. A limited company is legally recognised as a separate entity from its owner, so buying a property through a limited company has a unique set of implications. In this guide, we will run down the…
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What is a Special Purpose Vehicle (SPV)?
Special purpose vehicles, or SPVs, have become increasingly popular in the UK over recent years. Entrepreneurs, particularly property investors, are using them to create tax-efficient businesses that reduce risk compared to conventional corporate structures.
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How to legally utilise a children’s trust to reduce business tax liability
Business owners may be able to reduce the tax liability of their business by using a trust that has been set up for the benefit of their children. What is a trust? A trust is a legal agreement between trustees and a settlor. The trustees hold assets that belonged to the settlor, and these assets…
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Buying property through a pension scheme: How it works and what the tax advantages are
One of the most tax efficient way of investing in properties is to use funds from your pension (SIPP or SSAS). If you are contemplating buying property in Aberdeen via your pension fund, it’s a good idea to think about finding the best accountant with whom you can have a brief, informal chat as the…
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Tax exemptions for Charitable trusts in Scotland
Charitable trusts registered in Scotland are beneficiaries of numerous tax exemptions. For the most part, UK law is applied evenly across Scotland, but there are some rules that apply only north of the border. Who determines tax exemptions for Scottish charities? Any Charitable Trust based in Scotland that is recognised by HM Revenue & Customs…
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What is a self-assessment tax return?
People or businesses in Scotland with income that’s not automatically taxed must report it in the form of a self-assessment tax return form. HMRC has an online self-assessment system to collect income tax. If you’re unsure as to whether you need to submit a self-assessment tax return, read this blog that outlines everything you need…
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How does the new landlord tax work?
If you’re a landlord about to buy a property to rent in Aberdeen or in Scotland, it’s important to consider tax rates in addition to your purchasing costs and solicitor’s fees. Read on to learn more about landlord tax in Scotland and the rest of the UK: SRIT (Scottish Income Tax) This is a Scottish…
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Will you pay less tax as a limited company?
Suppose you are setting up a company in Aberdeen or Scotland. Or if you are established and are considering changing from a sole trader to a limited company. In that case, you want to make sure that you are aware of your legal responsibilities regarding paying tax in Scotland and how to register your new…
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Overdrawn Director’s Loan
In small limited companies or family owned businesses (known as close companies), often the directors spend personally on behalf of the company when the company’s own cash flow is tight. Conversely, the directors may transfer money out of the company or spend out of the company for personal expenses. When the total funds taken from…
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What grants are available for small businesses?
It can seem daunting to research and find out what grants are available for small businesses in the UK and Scotland. Between eligibility, application processes, and ensuring research is up-to-date, it can be a complicated and time-consuming procedure. But that doesn’t make it impossible. We’ve put together this blog to outline what grants are available…
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2021 Self-Assessment Deadline Extended
Good news! HMRC have given an extra one month to file your personal Self-Assessment return without incurring any late filing penalties. This means the new deadline is now 28 February 2022. Also, if you are struggling to make payments by 31 January 2022, you now have until 1 April 2022 to pay.
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How to choose the right accountant: Tips for choosing an accountant
If you decide your business needs the services of an accountant, you should take care in deciding who you hire. You will need to consider factors such as experience, location, fees, and ultimately how much of a net positive your accountant is. The right person for the job should be experienced in saving you both…
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