When a property is jointly owned, the tax treatment depends on the type of ownership and the specific circumstances. Here’s a quick guide to how income from jointly owned property is taxed: 1. Rental Income Default Split: For married couples or civil partners, rental income is generally split 50:50 unless a formal declaration or

The concept of “limited liability” is a cornerstone of corporate structure, offering protection to company directors and shareholders. However, this protection is not absolute, and there are circumstances where directors can be held personally liable. When Directors May Be Personally Liable Personal Guarantees: Directors often sign personal guarantees for loans, leases, or credit agreements. If

Selling a property to a housing association can raise important VAT considerations. Generally, VAT is not chargeable on the sale of residential property, but there are nuances to be aware of: New Residential Properties: The sale of a newly built residential property is typically zero-rated for VAT. This means no VAT is charged, but the

A Directors’ Loan Account (DLA) tracks money that a director borrows from or lends to their company. It’s an important area to manage correctly, as it has tax implications for both the company and the director. Here’s what you need to know: What is a Directors’ Loan Account (DLA)? A DLA reflects the amount of

A valid gift must meet specific legal and tax criteria, ensuring the transfer is legitimate and recognized for its intended purpose. Here’s a breakdown of what constitutes a valid gift: Essential Elements of a Valid Gift Intent to Give The donor must have a clear intention to make the gift without expecting anything in return.