Monthly Archives: March 2024

Strategic tax planning can help you identify opportunities to legally reduce your tax burden so you can keep more of your hard-earned money. Proactive planning can also help you stay compliant with tax regulations and avoid penalties.

However, it’s not as simple as it sounds. The process involves a long list of factors, including your investments, income sources, potential deductions, and expenses. That’s why experts recommend hiring a tax accountant in London who can help you confidently navigate the process. If you need assistance in this area, look no further than our chartered accountants here at Allenby Accountants.

The importance of tax planning

Planning your taxes allows you to make better financial decisions that support your long-term goals, contributing to your overall financial well-being. A tax accountant in London can offer the guidance you need to manage all aspects of your taxes effectively. With proper tax planning, you can confidently reach your financial goals, save for retirement, invest more money, pay for education, and do other things you love. Below are some tax planning tips your tax accountant in London may recommend depending on your case:

• Eliminate or reduce your capital gains tax (CGT) bill – Did you know capital gains tax can take a significant chunk of your wealth? This is why it’s important to work with a tax accountant before you sell major assets like properties, shares, or valuables. Depending on your specific circumstances, your tax accountant in London may recommend making a pension contribution (to lower your income tax bracket) or spreading asset sales over multiple tax years (to help you stay within your CGT allowance).

• Contribute to your pension plan – Does your business contribute to your pension plan? These contributions are considered as deductible expenses.

• Maximise tax-free expenses and benefits – Mobile phones for business purposes, travel expenses incurred for work, training and development costs, and health insurance contributions to a registered health insurance scheme are usually tax-free for both employers and employees.

• Time capital expenditures – The Annual Investment Allowance allows you to claim full tax relief on qualifying capital expenditures, such as purchases of equipment, machinery, etc., up to a certain amount.

• Pay yourself – If you own a limited company, pay a small salary to yourself up to a personal allowance and use the rest as dividends. It could be a tax-efficient way to minimise tax payments. Consult a tax accountant in London to determine the most tax-efficient way to pay yourself based on your specific circumstances.

Do you need more tips?

Here at Allenby Accountants, we carefully tailor strategies to reduce your tax bill according to your unique situation. Don’t hesitate to get on touch to engage a tax accountant in London for more personalised advice. Call 0208 914 8887 or request a callback.

Businesses in the tech sector ace unique accounting and bookkeeping challenges that only specialised technology accountants can effectively address. At Allenby Accountants, we dedicate ourselves to helping these businesses streamline their financial processes to scale effortlessly, regardless of size. Beyond traditional accounting, we act as financial advisors and tax accountants, tackling the unique hurdles of tech-related enterprises head-on.

Our expertise isn’t limited to just technology firms. Any business undergoing digital transformation stands to gain significantly from our advanced bookkeeping and accounting technology services.

Accounting technology has shifted dramatically, moving away from paper-based and manual methods. Are you planning to migrate to intuitive platforms and software solutions that enhance accounting and bookkeeping efficiency and ensure that you have access to your financials anytime, anywhere, via the cloud? Our technology accountants are committed to helping any business adopt cloud-based solutions, offering greater control over financial management.

Our role in digital transformation

Each technology accountant on our team specialises in meeting the financial demands of tech ventures and companies looking to digitise their operations. Our commitment to serving both the technology sector and businesses keen on digital upgrades drives us to tailor our services meticulously to your specific needs.

Partnering with us means receiving customised advice and support crafted to propel your digital transformation journey. We take the time to understand your business’s unique aspects to align our solutions with your strategic goals and financial targets.

Eliminating the guesswork from financial matters

Are you a tech start-up in need of robust accounting support? Our mission is to demystify bookkeeping, compliance, taxation, and financial planning, allowing you to concentrate on business growth. Our technology accountants do more than manage finances — they provide strategic advice to facilitate your business expansion, developing bespoke business plans tailored to your needs.

How we work

Our expertise spans across industries, including gaming, renewable energy, media, telecommunications, and more, equipping us to assist with the digital transformation of businesses in finance, healthcare, and beyond. Allenby Accountants offers a broad spectrum of services, including:

• Accounting and bookkeeping
• Employee and payroll management
• Annual audits
• VAT and duty advice
• Taxation
• Valuations and internal expansion
• Patent box and IP
• Research and development, creative tax relief
• Acquisitions
• Corporate funding and financing
• Exit strategies and company registrations

Hire Allenby Accountants and discover the difference!

Let our technology accountants support your business growth and digital transformation. When you’re ready to take the next step, call us at 0208 914 8887 for a free consultation and see how we can make a difference in your business journey.

If you’re considering investing in UK real estate, it’s crucial to understand the local tax landscape. Allenby Accountants is one of the highly-specialised small accountancy firms in London that can guide you through the intricacies of UK property tax laws, ensuring that you optimise gains and minimise taxes.

In this blog, we will share key information about UK property taxes you should know as a non-resident to help you make informed choices.

Can you buy property in the UK?

Yes. There are no legal restrictions preventing non-residents from buying property in the UK. While you don’t need a visa to start investing, you should still get one if you want to visit and live in the property. Be prepared to go through meticulous identity checks and make sure you have all the necessary documents.

Property taxes for non-UK residents

The HMRC (UK’s tax authority) imposes property taxes on all individuals and businesses, including non-residents involved in buying, renting, owning, selling, or developing properties in the UK.

• SLDT (Stamp Duty Land Tax) – Non-residents buying property in Northern Ireland and England must pay SDLT on purchases above a certain value. This applies to freehold and leasehold properties, shared ownership schemes, and property exchanges involving payment. Notably, non-residents pay an additional 2% SDLT.

• Corporation tax – As of April 6, 2020, non-UK resident companies earning from UK properties are subject to Corporation Tax, replacing the previous income tax requirement. This includes investments through collective investment vehicles.

• Income tax – Non-resident landlords receiving rental income from UK properties must register with HMRC and are taxed at marginal rates ranging from 20% to 45%.

• Inheritance tax (IHT) – Inheritance Tax (IHT) applies to UK-based assets inherited by non-residents, but only for estates exceeding £325,000. This threshold is known as the Nil Rate Band.

• Capital gains tax (CGT) – CGT is levied on profits from selling UK properties, with non-residents required to report and pay taxes on disposals within 60 days of the sale.
• ATED (Annual Tax on Enveloped Dwellings) – ATED targets companies that own UK residential properties valued over £500,000, which is applicable to both residents and non-residents.

Do you need more advice on property taxes?

For more personalized advice on navigating UK property taxes as a non-resident, consider partnering with small accountancy firms in London that specialise in accounting for real estate investors.

Allenby Accountants offers bespoke guidance to help you manage your property investments efficiently. Contact us at 0208 914 8887 to consult with our chartered tax accountants and streamline your tax planning strategy.