Missing expenses from your self-assessment or company accounts can result in paying higher taxes. Legitimate expenses reduce tax liability, and for this reason, ensuring that all appropriate expenses and allowances are included in your tax submissions is an important task.
Purchasing a car via your limited company might seem like an ideal way to save on tax. However, it can be more tax-efficient to purchase the car privately and then claim for mileage. In this blog, we’ll explore why this is so, and how to make a claim.
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…
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.
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…
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…
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…
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…
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…
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…