03 - October 2019Property Business – What SIC code should I use for my property Company ?
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A SIC code stands for Standard Industrial Classification code, and classifies your business activity at Companies House. SIC code for a company can be changed at any time and be amended when you file your next Confirmation Statement. While forming a company to run your property business, you will be asked to provide SIC code […]
02 - October 2019If you’ve read anything about property and tax, you’ll probably have heard the terms ‘nominating your main residence’ and ‘flipping’. This blog takes you exactly what these terms mean and how and when they apply.
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Private residence relief shelters a gain on the sale of a residence from capital gains tax while the property has been the owner’s only or main residence. Where a property has been an only or main residence at some point, the final period of ownership (currently 18 months but reducing to nine months from 6 […]
28 - September 2019Wondering whether to use dividends or a salary? Read this blog to find out why dividends are more cost-effective.
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Director’s salary or bonus? Given current tax rates, paying a dividend rather than a salary will often be a more cost-effective way of withdrawing profits from a company. Tax is currently payable on any dividend income received over the £2,000 annual dividend allowance at the following rates: 7.5% on dividend income within the basic rate […]
26 - September 2019Are you a working parent? You might be missing out on £2,000 per child per year towards the cost of childcare.
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Tax-free childcare update HMRC have recently run a campaign to remind people that they could be missing out on up to £2,000 per child, per year, towards the cost of childcare. Working parents and guardians may be eligible to receive government top-ups of £2 for every £8 that they pay into a tax-free childcare account, […]
24 - September 2019Even if your business hasn’t reached the £85,000 turnover threshold, there are some benefits to registering for VAT early.
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VAT registration – sooner or later? Once a business is up and running, the next major administrative area to be faced often concerns the subject of VAT. At first glance, it looks complicated – not to mention time-consuming – particularly for small businesses. However, taken one step at a time, the rules governing VAT registration […]