Why Partnership (LLP) is Important for Landlords?
Taxcare Accountant Blog
by Marketing Team
13h ago
Why Partnership (LLP) is Important for Landlords? July 15, 2024 Are you a landlord paying 40% tax on your rental income and paying higher taxes because you cannot claim all of your mortgage interest expenses? Transferring your property to limited company could be a good option. However, some cases you may end up paying more on your tax bill by transferring your property to a limited company. Partnerships, especially Limited Liability Partnerships (LLPs), offer several benefits for landlords in the UK. This blog will explore why forming an LLP can be advantageous for landlords, cove ..read more
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Client of the Month: Bellstones Management
Taxcare Accountant Blog
by Marketing Team
4d ago
Client of the Month: Bellstones Management July 11, 2024 Taxcare Accountant is delighted to announce Bellstones Management Services as our Client of the Month. This recognition highlights the outstanding work Bellstones does in property management and consulting. About Bellstones Management Services Bellstones Management Services specialises in providing top-quality property management and consulting services. They are dedicated to helping property owners maximise their investments through efficient and effective management solutions. Bellstones offers a range of services, including ..read more
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How to Reduce Tax on Rental Income?
Taxcare Accountant Blog
by Marketing Team
1w ago
Landlords- How to Reduce Taxes for My Property Rental Income. July 10, 2024 As a landlord, it’s essential to know how to reduce tax on your rental income. You may retain more of your rental income in your pocket by learning and implementing these strategies. This blog will look at various simple ways to help you lower your tax bill successfully. Table of Contents Deductible Expenses Deductible expenses are costs you can subtract from your total rental income to reduce your taxable income. Here are some common deductible expenses you should know about: Mortgage Interest You can ..read more
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HMRC Compliance Check – How It Works?
Taxcare Accountant Blog
by Marketing Team
1w ago
HMRC Compliance Check – How It Works? July 5, 2024 ???????????????????????????????????????????????????????????????????????????????????????????????????????????????? Her Majesty’s Revenue and Customs (HMRC) conducts compliance checks to ensure that individuals and businesses in the UK are paying the correct amount of tax. These checks are part of HMRC’s strategy to tackle tax evasion and ensure that the tax system operates fairly for everyone. Understanding how these checks work can help you prepare and respond appropriately if you are selected. Table of Contents What is an HMRC C ..read more
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What are The Tax Implications of Earning Over £100k?
Taxcare Accountant Blog
by Marketing Team
1w ago
What are The Tax Implications of Earning Over £100k? July 3, 2024 Earning more than £100,000 is a tremendous achievement, but it comes with its own set of tax consequences that might exacerbate your financial condition. In this article, we’ll look at how the UK income tax system works, the implications of exceeding the £100,000 level, and how to be tax-efficient when earning a high wage. Table of Contents How UK Income Tax Rates Work The UK tax system is progressive, which means that the higher your income, the higher your tax rate. Here is a detail of the existing income tax b ..read more
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Difference between Sole trader and Limited company
Taxcare Accountant Blog
by Marketing Team
2w ago
Difference Between Sole Trader and Limited Company June 28, 2024 Choosing the right business structure is a crucial decision for any entrepreneur, affecting everything from taxes and liability to administrative tasks and growth potential. The two most common structures are sole trader and limited company. Describing the difference between sole trader and limited company can help you make an informed decision about which path to take. Table of Contents Legal and Administrative differences between  Sole trader and Limited company If you opt to be a sole trader, you’re essent ..read more
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What Expenses Are Not Allowed For Corporation Tax?
Taxcare Accountant Blog
by Marketing Team
3w ago
What Expenses Are Not Allowed For Corporation Tax? June 24, 2024 If your expenses are exclusively for business purposes, you can claim it against your income. However, some of the expenses you may not be able to claim as per HMRC rule. Understanding which expenses are not allowed for corporation tax is vital for any business. Mistakes can lead to inaccurate tax filings and costly penalties. Disallowable expenses are those costs that HMRC does not permit to be deducted from your company’s taxable income. Knowing these rules ensures businesses pay the correct amount of tax.   Th ..read more
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Capital Gains Tax Allowance in 2024
Taxcare Accountant Blog
by Marketing Team
3w ago
Capital Gains Tax Allowance in 2024 June 21, 2024 Capital Gains Tax (CGT) is a tax on the profit when you sell an asset that has increased in value. The quantity of money you get is not taxed; rather, it is the gain you create. Depending on your personal income tax band, the kind of asset, and the length of time you have owned it, there are several regulations and rates that apply in the UK. This article will use data from official UK government sources to present a concise and understandable explanation of the Capital Gains Tax allowance for the year 2024. Table of Contents Wh ..read more
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Can I Pay Self Assessment Tax Through PAYE?
Taxcare Accountant Blog
by Marketing Team
1M ago
Can I Pay Self Assessment Tax Through PAYE? June 14, 2024 Can I Pay Self Assessment Tax Through PAYE? Paying Self Assessment tax through your PAYE (Pay As You Earn) tax code is a convenient option for many who want to avoid making a lump sum payment. This blog will explain what PAYE is, how you can pay your Self Assessment tax through PAYE, the conditions you must meet, and the pros and cons of this method. Table of Contents What is PAYE? PAYE, or Pay As You Earn, is a system used by employers to deduct Income Tax and National Insurance from employees’ salaries or pensions before ..read more
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How to Amend Self Assessment Tax Return
Taxcare Accountant Blog
by Marketing Team
1M ago
How to Amend Self Assessment Tax Return? June 12, 2024 How to Amend Self Assessment Tax Return Filing your self-assessment tax return accurately is crucial, but what if you make mistakes? Don’t worry; the process to correct errors is simpler than you might think. Whether it’s a missed income or a deduction you forgot to claim, here’s a step-by-step guide to amending your tax return. Table of Contents What Self-Assessment Tax Return Amend? Amending your tax return means correcting errors or providing additional information after you’ve already filed. It’s essential to rectify mist ..read more
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