Trusts – a simple guide
A trust is a legal arrangement in which a person or entity, known as the trustee, holds and manages property on behalf of another person, known as the beneficiary. A trust can be used to safeguard property in a number of ways.
Tax Implications of Social Media Influencers: What You Need to Know
In recent years, the rise of social media has given birth to a new breed of celebrities known as social media influencers. These individuals have amassed large followings on platforms like Instagram, YouTube, and TikTok, and they often collaborate with brands to promote products and services. However, what many influencers may overlook amidst their newfound fame is the tax implications associated with their earnings.
Incorporation myths
There are many myths that have been generated about incorporation of a property portfolio.
What is a Shareholder’s agreement & why is it important?
A shareholder’s agreement is a set of rules and conditions that affect a running of a company. Basically if you have a company with more than one shareholder, then this document is absolutely necessary to preserve the company and its relationships with the shareholder and directors, where you have external stewards running the company for you.
Autumn Statement 2022
Jeremy Hunt presented his Autumn Statement on 17th Nov 2022, and if there was any doubt UK are in severe recession.
A fiscal U-turn without precedent!
Over the last few days, we have seen a gradual dismantling of the mini-budget of Friday 23 September 2022, along with the economic policies that Prime Minister Liz Truss based her leadership campaign on. This emergency statement effectively replaces and re-writes the mini-budget.This emergency statement effectively replaces and re-writes the mini-budget.
Could rent controls ever work in the UK?
Rent controls, once the preserve
of European cities such as Berlin,
are increasingly being discussed
in parts of the UK, but could they
really become a reality over here?
Tax Traps of Incorporation of Buy to Let Property Portfolio
Normally landlords are advised to refinance their properties as and when possible to extract as much cash out as possible and spend it on their personal leisure.
Mitigation of Inheritance tax
An investment property does not qualify for a Business Property Relief, so is added at market value on death, and Inheritance tax will be payable thereon at full market value less any charges on the investment property such as mortgages.
When is it a Good time to Incorporate a Property Portfolio
Since George Osbourne announced in his 2015 Budget of restrictions in mortgage interest relief, landlords have been racing to incorporate their property portfolios, which got the thumps up from the courts following the Ramsey Case (2013). The case itself provided the main guidance and test as to whether the landlord would qualify for Incorporation Relief. Several years forward, and whether the landlord would qualify for incorporation relief has become very subjective.