New Year, New Business Idea?

January is often the time when we break with old habits and formulate new ideas. If you have decided to start working on a new business idea, start a business or take your existing business to a new level – have a look at our starting up in business information.  We would love to assist you on that journey, so please contact us today to take the first step!

Happy New Year!

Do you receive rental income?

Are you a residential landlord?  Have you inherited a house and are now renting it out? Holiday let? Are you confident you are correctly declaring your rental income to HMRC?

HMRC run ‘campaigns’ to encourage individuals in certain areas or business sectors to disclose undeclared, or under-declared income. The Let Property Campaign is a disclosure opportunity aimed at residential property landlords who have failed to disclose rental income. The campaign is open to all residential property landlords from those that have multiple properties, to single rentals, and from specialist landlords such as student or workforce rentals, to holiday lettings.

The advantage of disclosing via a campaign is that this will usually result in lower penalties. For those that fail to come forward, it is likely to mean much higher penalties or even criminal prosecution, if HMRC finds out about you later.

So if you require assistance, don’t hesitate, contact us today.

When should you start planning for Inheritance Tax?

As Benjamin Franklin said, the only things certain in life are death and taxes. Inheritance tax touches on both. Inheritance tax is the tax paid on the estate, including all property, possessions and money (after inheritance tax allowances are deducted) left when someone dies. The more advance planning you can do provides more options and notice to ensure you and your loved ones receive the very best advice on how to minimise any tax implications.  Money given away before you die is still usually counted as part of your estate and therefore subject to IHT if you die within seven years of giving the gift. So early planning of how to pass on your assets does play an important role. If you would like to find out more, please contact us and we will ensure you receive the specialist advice you require.

Is a Garden Office Tax Deductible?

With increasing numbers of people working from home and wanting to create a separation between their work space and home space, we are often asked what the tax implications of building a garden office are.  As with many aspects it may depend on how your business is set up; being a sole trader, operating as a limited company and vat registration all impact how this may affect you, so it is best to get specialist advice tailored to your own situation. In the best case you may be able to effectively reduce the actual cost by over 30%. Please contact us if you would like to find out more.

Why do you need a will?

A will is a legal document that sets out the instructions for what should happen to your money, possessions and property after you die. As many as 60% of people are estimated not to have wills. If you haven’t left a will, the law decides how your estate is passed on and this may not be in accordance with your wishes. You are also able to say who should look after your dependents: if you don’t,  the decision could be left to the family courts. You are of course free to write your will yourself, but it is a legally binding document and if it isn’t prepared properly, it may not be valid. Please contact us if you would like us to review your current will or draft a new will.

Uncertain of how much personal tax you have to pay?

When you provide your complete information, we guarantee to let you know how much (or little) you owe within two weeks.

Also if you owe less than £3,000, we may be able to have the tax collected through your paye code and if HMRC owe you, then the sooner you will have the funds.

Get in touch today so you can prepare and have no last minute surprises. Arrange a meeting