What is Adjusted Net Income? Adjusted net income is a crucial figure when it comes to calculating tax liabilities in the UK. It determines your entitlement to personal allowances and affects other tax-related calculations like the High Income Child Benefit Charge. In essence, adjusted net income is your total taxable income before personal allowances are applied, but after deducting […]
Why Consider Lending Through Your Company? There are various scenarios where you may wish to financially support a family member—such as helping a child with a deposit for their first home. If you own a personal or family-run company with retained profits, it might seem practical to lend the money directly from the company rather […]
Understanding When VAT Registration Is Mandatory If you’re operating a business in the UK—whether as a sole trader, in a partnership, or through a limited company—you must register for VAT when: Your total VAT-taxable turnover exceeds £90,000 over the past 12 months, or You expect your turnover to exceed £90,000 in the next 30 days alone. Important: If both you and your […]
The Appeal of Holding Property in a SIPP Using a Self-Invested Personal Pension (SIPP) to purchase and hold commercial property can offer some significant tax advantages, especially when the property is leased to your own business or family-run company. Instead of rent being paid to a third-party landlord, it’s paid directly into your pension scheme. […]
Choosing the Right Business Structure Starting a business involves many decisions, one of which is determining the legal structure. Should you operate as a sole trader, form a partnership, or establish a limited company? Your choice will impact your tax obligations, legal responsibilities, and overall business operations. For those who prefer a straightforward approach, becoming […]
The clock is ticking for homebuyers and investors! Significant changes to the Stamp Duty Land Tax (SDLT) rates will take effect from 1 April 2025, impacting both standard residential and first-time buyers. Completing your property transaction before this deadline could save you thousands of pounds in SDLT. Here’s everything you need to know to stay ahead. […]
Overpaying taxes is more common than many people realize, and when it happens, taxpayers naturally want to reclaim their money as soon as possible. The process for claiming a refund depends on how the overpayment occurred. Below, we outline the different scenarios in which you may be eligible for a tax refund and how to […]
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