To conclude our series of blogs, there are a variety of complex tax rules, reliefs and allowances which apply to FHLs, many of which must be considered on an annual basis.
Fulfilling your tax reporting obligations as a landlord is a continuous process, and by forward planning, considering the rules carefully and utilising the reliefs available to you, tax liabilities can be minimised and your FHL can benefit from reinvestment.
French Duncan can offer the peace of mind that your tax affairs are being completed correctly to avoid any potential penalties that could occur if errors are found from an HMRC enquiry, and that you are fully utilising any tax reliefs available to you.
The services we could offer are:
- Completion of individual tax returns to show income from rental properties.
- Where there is a rental business, completion of both partnership tax return as well as individual partners tax returns.
- Review joint ownership position to determine if it meets relevant conditions to be deemed a rental business.
- Non Resident Landlord (NRL) individual tax return. Review of income position for Non-residents to establish if qualify to not be taxed at source, as well as completion of relevant NRL forms.
- Review the structure of ownership for rental properties so that individuals are taxed in the most efficient way.
- Planning advice should individuals be adversely affected by changes to loan interest relief.
If you have any queries, please get in touch with a member of our team.
This blog is the last in a series - you can see the first six blogs here:
With the recent General Data Protection Regulation (GDPR) impending, you might well be among the scores of those now anxiously assessing business systems and processes to make sure you do not violate the new Regulation come execution on 25th May 2018.
GDPR impact on the public sector
The GDPR compliance will become United Kingdom law in May 2018, paving the way for much more stringent rules for the collection and storage of sensitive information on top of increased control for regulators. As the public sector in the UK holds everything from biometric data to tax records, it is essential that organisations take action now to make sure they are in line with the GDPR compliance. GDPR will bring in a cycle of strict obligations around intelligibility and subject opt-ins with harsh fines for establishments which fail to conform. Public sectors will also be required by the law to employ data protection officers and have strict measures in position to identify and report data infringements.
While most people would expect the public sector organisations to be proficient at keeping records secure, the realism can regularly be quite the opposite. As a result, establishments must necessitate being exceptionally aware of these transformations as they can face very harsh fines in the situation of non-compliance. The GDPR law applies to processors and controllers that are managing the personal data of the European citizens. Possibly one of the very crucial things to bear in mind is that this new directive applies to ANY organisation gathering and processing private data of persons living in the EU, irrespective of the corporation's physical locality.
GDPR as an opportunity for organisations
GDPR makes the public sector and other organisations accountable for documenting data processes, requesting explicit permission from EU locals for gathering their data. This can include erasing data on request, alerting residents that their information will be processed or reassigned to another service giver, and distributing demanded data in a planned and commonly employed format in a timely approach.
While new directives rarely offer new benefits for the public sector and other corporations, the mastering of statistics provides an unparalleled opportunity for them to have a better understanding on what data they possess, and how it is related to the organisations and individuals with whom they interrelate. If done correctly this could bring direct advantages that permit them to enhance client contentment, develop operational competence, hone tactics and market segmentation, progress upsell and cross-sell openings and maybe also improve the corporate image.
Preparing for GDPR is extremely important and could save you considerable fines in the future. To learn more about the implications of GDPR or to get in touch with one of our experts, please visit our website.
Check out my other GDPR related blogs:
This blog was originally posted on LinkedIn on 9th March 2018.
A common theme of cybercrime is that victims of online fraud, such as online money transfer fraud, often struggle to convince banks of their innocence. The picture is equally grim for businesses as it recently emerged nearly six out of ten small and medium-sized enterprises (SMEs) in the UK do not know which authorities can help them deal with fraud.
This worrying figure came from the latest release of the Close Brothers Business Barometer (CBBB). The CBBB is a quarterly survey which questioned one thousand UK and Republic of Ireland SME owners and senior management across a range of sectors and regions.
The CBBB found firms with ten or fewer employees were the least likely to know which organisation to contact. Regionally, businesses in the East Midlands were the least knowledgeable when it came to the framework for fraud authorities.
Of those surveyed, 13% of SMEs said they had been a victim of fraud, and that figure more than doubled (to 27%) for London-based firms. The research indicated companies operating services in the print-based sector were most likely to have been the victims of fraudulent activity.
A separate report from the government’s Cyber Aware Campaign found that the average cost of a cyber security breach for a small business is £1,570 increasing to £19,600 for larger businesses.
According to the CBBB, only a third (35%) of businesses were certain that they were covered specifically against fraud. A slightly higher proportion (37%) acknowledged that they weren’t insured, and the remainder were unsure either way. Insurance against fraud, theft or dishonesty can be obtained either as a stand-alone policy, or as part of more generic cover such as home contents, travel insurance, or legal expenses.
According to the Fraud Advisory Panel, it is also possible sometimes to buy ‘after the event’ insurance once a fraud has taken place, to help fund the costs of civil litigation, asset recovery and/or insolvency.
If you have been the victim of fraud you can contact Action Fraud (www.actionfraud.police.uk/report_fraud), the UK’s national fraud and cybercrime reporting centre.
Check out my other GDPR related blogs: