“Remember, a reduced Inheritance Tax rate of 36% applies where at least 10% of your net chargeable estate is left to a registered charity.”
“Remember, if your property is empty but available for letting, any expenditure is still tax deductible.”
“On any commercial property transaction, new or old, it is important for both purchaser and seller to consider capital allowances, failing which could result in losing out on valuable tax reliefs.”
“If you donate to charity, remember you can select to donate with Gift Aid. This allows charities to claim 25p extra for every £1 you donate.
But remember, you can only do so if you have paid at least that amount in UK income tax or Capital Gains Tax in the tax year.”
“Company directors need to ensure they are aware of the Corporate Criminal Offence legislation.
Although limiting tax liabilities is understandable, if the company facilitates tax evasion, a criminal offence will have been committed which would damage the integrity and reputation of the business, as well as resulting in financial penalties.”
“For those setting up new property investment vehicles, consider the most appropriate structure through which to invest.
For those seeking little or no extraction, a limited company will normally be the optimum structure offering flexibility of share ownership, spreading of family wealth and protection of assets.”
“If you let out furnished accommodation in your own home, you can earn up to £7,500 tax-free under the Rent a Room Scheme.
If you incurred expenses greater than your income it would be beneficial not to opt into the scheme.”
“You can recognise and reward your employees for their loyalty to your company with a Long Service Award.
If you give a non-cash award, you won’t have to report or pay any tax as long as certain conditions are met.”
“The UK Government has once again extended the deadline for making voluntary National Insurance contributions.
Taxpayers now have until 5 April 2025 – nearly two years from the original date – to properly consider whether paying voluntary contributions is right for them.”
“If you are Self-Employed with profits below the Small Profits Threshold (currently £6,725), you are not required to pay any Class 2 NICs however you may wish to consider making voluntary payments in order to avoid any gaps in your NI record for the purposes of your state pension entitlement. From 2022/23 onwards, if your profits exceed the Small Profits Threshold but not the Lower Profits Limit, you will be treated as having made Class 2 NIC without needing to pay anything.
You can check your NI record online through your personal HMRC login, or you can write to HMRC to request a printed NI statement.”
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Chartered Accountants
