Author Archives: Priya Raja-Motala

Selling a property that was your home

selling a property that was your home

When selling your home, there are plenty of things to consider and take care of, but tax does not usually fall under that umbrella. The good news is that you typically don’t have to pay tax on the sale of your home or primary residence which is its official name. Capital Gains Tax (CGT) is […]

Warning signs of insolvency

insolvency

According to the Office of National Statistics. (ONS) in early April 2024,  one in five (22%) of trading businesses were affected by current uncertainty. Long-term growth also remains a huge concern. This is therefore a good time to remind you to look out for warning signs of insolvency. Common warning signs could signal financial and […]

Disclose any undeclared property income

The HM Revenue and Customs (HMRC) Let Property Campaign (LPC) provides you with an opportunity to disclose any undeclared property income. By taking advantage of this campaign, you could get your tax affairs up to date and benefit from the best possible terms. It is always advisable to approach HMRC first because it puts you […]

Tax implications of earning over £100K

high earner

Earning a six-figure salary is an exceptional feat, providing a sense of financial security and abundance. However, it’s important to note that a higher income can lead to complicated tax affairs. There are various tax implications of earning over £100K so let’s have a look at them. One of the main tax implications of earning […]

Changes at the Companies House

business operations

Last October, the Economic Crime and Corporate Transparency Act 2023 (ECCTA) was introduced to tackle fraud and economic crime in the UK. One of its key objectives is to improve the quality of data held at Companies House.  As a result, on 4th March 2024 changes at the Companies House came into being.   Overview […]

Are you letting out a residential property through a limited company?

ated

In recent years many landlords have preferred to set up a structure of a property limited company to ease the burden of tax.  Of course, this can be a good choice.  However, if you are letting out a residential property through a limited company you may have other tax obligations. As a property investor, you […]

Furnished Holiday Lets and the loss of tax breaks

Furnished Holiday Let

Among the announcements in the Spring 2024 Budget earlier this month was the decision to abolish the Furnished Holiday Let (FHL).  This means the loss of tax breaks for that type of rental business. Did you watch the Chancellor’s budget speech? During the speech, he mentioned Hon Members from St Austell and Newquay, North Devon, […]

Spring 2024 Budget Announcements

spring budget

Earlier today, Chancellor Jeremy Hunt delivered the Spring Budget, which probably marks his final budget in the current sitting of parliament. The Chancellor began by stating that the economy is now starting to improve. The Office of Budget Responsibility (OBR) is forecasting inflation to reach 2% in the next few months, and growth in 2024 […]

The end of reporting employee benefits on form P11d

team

Admin work is not something that people enjoy doing. Moreover, filling out forms for paying taxes on the benefits provided to employees can be quite a hassle. After several years of consulting with accountancy and tax bodies, the government has announced that reporting employee benefits on form P11d will no longer be required.  The date […]