Salford Tax Specialists Ltd Blog
Selling a property at a minimized value
Detailing tax effects related to the selling of a property below its market value. There are numerous reasons an owner sells a property at less than its market price. Nonetheless, doing so can have major tax implications, relying on the circumstances and the...
Reporting residential property gains and tax payments
When and how to report a gain on the disposal of a house and pay the associated tax. Not all residential property is equal when it comes to the tax treatment of gains.Where a property is marketed or otherwise gotten rid of (e.g., offered to a member of the family...
Giving the property portfolio – moving property to close family
The implications and in particular the catches to avoid when moving property to close family members.One of the major traps involving stamp duty land tax (SDLT) can be caused when gifting property that is mortgaged. Basically, SDLT is a cost on the factor to consider...
Spousal dividends: Tips and catches
Issues to be knowledgeable about when paying dividends to partners. When a couple runs a business together with a minimal company, proper tax planning would certainly dictate that both partners very own shares to obtain dividends.Incomes may or may not be paid as...
Rules and Regulations on Directors Loan Payments
Lets checks out the potential 33.75% tax cost that can occur on lots of management acquistion offer structures. The close company loan to participator tax charge (in CTA 2010, s 455) is a sensibly widely known part of our tax code. Extensively, where a loan or advance...
Ten prominent tax-free benefits
Emphasizes of tax exceptions which can be used to provide tax-free benefits-in-kind to employees. The income tax legislation has a variety of exemptions for benefits-in-kind. By making use of exemptions, it is possible to improve an employee's commission package...
Capital Gains Tax When Selling a Second Home in the UK
Selling a second home in the UK can be a financially rewarding experience, but it also brings with it important tax considerations, particularly in the form of Capital Gains Tax (CGT). Understanding how CGT applies to the sale of a second property is crucial for...
HMRC playing ‘dividend investigator’?
HMRC recently embarked on a 'One to Many' letter project, wherein HMRC's skilled information experts undertake to mine nuggets from a massive series of resources to test for omissions or errors in income tax return. HMRC's One to Many campaigns are commonly...
Extra ‘documents’! Reporting taxed benefits
Describing the reporting responsibilities for employers in relation to benefits-in-kind. If you (' you' indicating an employer) gave your workers with taxable advantages in the tax year 2023/24, which you did not payroll, you require to report those benefits to HMRC...