Tax - Page 4 of 10 - Champion Accountants

What’s driving the boom in new property companies?

On May 31, 2021 / Business Advisory, Tax

Changes in the way buy-to-let landlords are taxed on their numerous properties have led to a rise in the number of property-related companies registered in the UK. Over the course of several years, the Government has introduced new rules making it less attractive to own investment properties

Paying tax as a social media influencer: when to declare a gift, sample or freebie

On February 1, 2021 / Business Advisory, Tax

While social media influencing is a relatively new profession, at Champion Accountants we come across recurring questions from influencers who want to pay their fair share of tax. High on the list of queries are the issues surrounding gifts, freebies and samples sent to influencers, and whether

Latest updates for businesses regarding VAT Deferral

On March 26, 2020 / COVID-19, Tax

VAT registered business are not required to make VAT payments that are due from 20 March 2020 to 30 June 2020. This relief is automatic: it does not need to be claimed. Your VAT liability and payment is not cancelled, it is deferred. Any VAT liability will

Don’t miss out on AIA tax relief

On March 6, 2020 / Corporate Finance, Tax

The clock is ticking for business owners who want to benefit from substantial tax relief on big ticket purchases such as plant and machinery. December 2020 sees the end of the temporary increase to the Annual Investment Allowance (AIA). This is the 100 per cent upfront allowance

Changes to PPR final period exemption and Lettings Relief

On February 26, 2020 / Corporate Finance, Tax

The government is amending current tax legislation relating to the sale of residential properties. Here’s everything you need to know about the changes to Principal Private Residence (PPR) Relief and Lettings Relief, which are due to come into effect from 6th April 2020. What’s changing and what

Company car reforms: an electrifying opportunity

On January 29, 2020 / Business Advisory, Corporate Finance, Tax

Changes in tax legislation first announced in summer 2019 mean that electric cars and some hybrid vehicles will soon be completely exempt from company car tax. From April 2020, the UK will adopt the Worldwide Harmonised Light Vehicle Procedure – more commonly known as WLTP – to

New 30-day window to report and pay residential Capital Gains Tax

On January 20, 2020 / Business Advisory, Corporate Finance, Tax

As of 6th April 2020, all buy-to-let landlords and other property owners will have just 30 days to report and pay any Capital Gains Tax owed on the sale of a residential property. This represents a significant shift from the present-day rules, which in some cases see

Delayed: VAT reverse charge

On September 10, 2019 / Corporate Finance, Tax

An important update for those in the construction industry, as HMRC has announced that major changes to VAT administration are to be put on hold until next year. Originally due to come into force from October 2019, the domestic reverse charge will now be implemented from 1st

Tax spotlight: Transferring property to your spouse

On July 2, 2019 / Tax

Transferring property between spouses is a popular way of maximising rental income. Often, the owner will transfer the property if their partner is in a lower Income Tax band, as any rental income will be taxed at a lower rate, resulting in a better return on investment. Transferring ownership,

Tax planning considerations for 2018/19 tax year

On March 4, 2019 / Corporate Finance, Tax

As we near the end of the 2018/19 tax year, now is the time to review your finances to ensure they’re structured as efficiently as possible. Here are a few reminders to help you maximise your finances through efficient tax planning. First of all, review your current