Accounting, Audit, Tax.

Stamp Duty Land Tax (SDLT) is a tax payable when you purchase property or land in England and Northern Ireland above certain thresholds. Rates vary depending on whether the property is residential or commercial, whether you are a first-time buyer, and whether you already own other properties. Additional SDLT surcharges apply to second homes and buy-to-let purchases.

Partners can agree to split profits in any proportion set out in the partnership agreement, which can be used to allocate more profit to a partner paying a lower rate of tax. However, HMRC may challenge arrangements that lack commercial substance or are purely tax-motivated. Any profit-sharing arrangement should reflect the genuine contributions of each partner to the business.

In a bare trust, the beneficiary has an absolute right to the assets and income held in the trust. In a discretionary trust, the trustees have discretion over how and when income and capital are distributed among a class of beneficiaries. Discretionary trusts offer more flexibility for tax planning and asset protection but are subject to more complex tax rules, including periodic and exit charges.

UK residents must declare rental income from overseas properties on their Self Assessment tax return. The income is taxed at your marginal rate of income tax after deducting allowable expenses. If you have paid tax on the rental income in the country where the property is located, you may be able to claim a foreign tax credit to avoid being taxed twice on the same income, subject to any applicable double taxation agreement.

We work with all major cloud bookkeeping platforms including Xero, QuickBooks, and FreeAgent. Cloud-based software allows real-time access to your financial data, automates bank feeds, and makes collaboration with your accountant much easier. We can help you choose the right platform for your business size and needs, and assist with setup and training.

R&D tax credits are only available to limited companies subject to Corporation Tax. Sole traders and partnerships cannot claim R&D tax credits directly. However, if you are considering incorporating your business, doing so could open up eligibility for R&D relief on qualifying expenditure. We can advise on whether incorporation makes sense for your situation.

Yes, you can use your home address as your company’s registered office, but be aware that it will appear on the public Companies House register. If you prefer privacy, you can use your accountant’s address or a registered office service. The registered office must be a physical address in the same country where the company is incorporated (England & Wales, Scotland, or Northern Ireland).

Under CIS, a contractor is a business that pays subcontractors for construction work, or a non-construction business that spends more than £1 million per year on construction. A subcontractor is any individual or business that carries out construction work for a contractor. Both must register with HMRC, and contractors are responsible for making the correct deductions.