Salford Tax Specialists Ltd Blog
Record-keeping in a digital age
Lets looks at taxpayers' record-keeping responsibilities because of HMRC's inexorable march to digital everything (almost). Historically, HMRC has actually been rather kicked back regarding whether initial documents must be maintained or electronic facsimiles (scans,...
A painful removal? Pay preparation in 2024
If you run your business with a personal or family company, you will certainly need to extract your profits if you wish to utilize them to fulfill personal expenses outside the company. There are different means this can be done, some of which are much more...
Moving property rental income Anti-avoidance traps
The main guidelines that govern a taxpayer moving rental income rights to another. This brief article will certainly cover the key aspects of ownership and splitting income, in regards to co-owned property. Note specifically that there are unique regulations for...
A pleasant small income!
Using on-line marketplaces like ebay.com, Amazon, or Etsy can be a great means to offer products, and sometimes, it can be tax-free.These platforms have come to be very preferred, drawing in a wide variety of sellers, from individuals looking to declutter their homes...
Companies Owned by Family Members
Year-end tax preparation for family and personal companiesOperating a limited company can be tax-efficient and has the added advantage of restricted liability. Nonetheless, the worry about compliance is much greater than that of a sole trader or unincorporated...
Exploring the Pros and Cons: Residential Property Purchase through Limited Company vs Sole Trader
The decision to invest in residential property is a significant one, and it comes with various considerations. Among these is the choice of the legal structure through which to make the purchase – whether as a sole trader or through a limited company. Each option has...
Self Employment Agreement
This article contains a standard contractor /subcontractor agreement and is for guideline purposes only. It can be amended or modified to suit your circumstances. Please note it is not legally binding and should you require a legally binding agreement you must engage...
Principal Private Residence – a full explanation
This unique article examines the capital gains tax consequences of the disposal of a taxpayer’s principal private residence. Although a principal private residence is not a chargeable asset for Capital Gains Tax purposes, a CGT liability may arise when a property is...
When do property repairs come to be improvements?
In computing the taxable revenues of an allowed property business, among one of the most crucial principles to comprehend is the difference in between resources and also income expense.Revenue expenses can usually be balanced out against income tax in the tax year...