Our observations are that businesses in the hospitality sector are losing on genuine VAT savings due to lack of proper advice. For example, you may not have registered for the right scheme, you don’t have a strong bookkeeping system which ensures you can claim every single VAT expense without failure, you are paying VAT on…
The government have accumulated record amount of debts during COVID-19 pandemic, which has inevitably forced the UK to now set a high tax, low spending trajectory of at least 5 years. No doubt we will be going through a very difficult time!
Making Tax Digital for income tax will become compulsory for self-employed landlords who make more than £10,000 per year in April 2024. The new MTD system will replace keeping tax records on paper.
Securing a transfer of going concern (TOGC) when purchasing a property is a good way to save money by purchasing it as a business asset. Any transaction that qualifies for TOGC avoids paying the value-added tax on that property, provided they fall within the rules of the TOGC. In this article, we’re going to find out what a transfer of going concern, also known as TOGC, is and how it can save VAT on the purchase of a property.
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.
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 tax…
