Landlords and Property / November 5th 2019

Dealing with undeclared rental income

Key Points: It is now more important than ever to ensure your tax affairs are up to date. Government systems are much improved and offer greater visibility on individuals who are not up to date If you have only recently acquired a rental property, it may be possible to get things up to date by completing relevant ta

Generally, when a property is used to earn rental income then it will fall under the definition of investment property. The problem is that FRS 102 (Sept 2015) simply states that the where a property that is owned by one group company and is rented out to another group company it should be treated as an investment proper

Companies often believe that this is an easy calculation…just apply 10% against our debtor balance.  Now this may work as an approximation for your management accounts but it won’t do for your annual financial statements.  Below is a description of the method that ought to be adopted under FRS102: The starting poin

After months and months of debates, discussions and quite possible arguments, it seems like we are now still nowhere nearer to knowing if (or possible not) Brexit will occur on October 31st 2019. With this in mind, as a tax adviser, many of the questions I receive revolve around, should I sell my property because of Brexit,

Within most leases there is often a requirement for the landlord to provide an annual statement of service charge expenditure to occupiers after a service charge period. It is common for the annual statement to be certified by the landlord’s surveyor, managing agent and accountant. Certain leases might also require the st

Many individuals pay into a pension scheme each year, whether through their employer, making their own contributions into a private scheme or a combination of both.  However, what most taxpayers don’t know is that there is both a life time limit and annual allowance.  Exceeding either of these comes with a significant t

Many small business owners are often looking at tax efficient ways to get money out of their company, or to provide small rewards to employees in a tax efficient way. HMRC recognise that for small items, it is often not practical or efficient to collect the small amount of tax that would result.  There can also be times w

Sensitive company information in the public domain can be used by various stakeholders such as employees or in particular competitors to gain an advantage. A classic example of this, and an accountants worst nightmare, is when the detailed profit and loss account pages that are appended to the financial statements are file

The headline thresholds for companies that are required to be audited have not changed for a number of years: £10.2m turnover; £5.1 assets; and 50 staff.  However, below the surface are a number of exceptions and you will need to consider these when assessing if your company or group requires an audit this year or next.

It was only at our annual insurance review meeting with our brokers (Churchill Insurance Consultants Ltd) that it was highlighted to me that the Insurance Act 2015 existed. Essentially the act deals with the non-disclosure of material facts in regards to insurance taken out by companies.  You will remember seeing the va