Chartered Management Accountants - Unlimited Professional advice - Helping Small and Medium Businesses succeed
17/06/2025
Your attention is the most powerful and most exploited resource you have.
What you pay attention to shapes what you believe, how you feel, what you desire, and ultimately who you become.
But in a world engineered to hijack your focus for profit, power, or influence your attention is constantly being pulled away from what actually matters.
Reclaim your attention. Live by design instead of by default.
19/08/2024
Landlords, Are you sure you are deducting all of your allowable expenses?
As a landlord, it’s crucial to know which expenses you can deduct from your rental income to optimize your tax savings. But I often find clients missing out on savings due to not including everything.
Maintenance and Repairs: Costs for general maintenance and repairs are deductible, but improvements that increase the property’s value are not (these can be used against your CGT bill when you sell the property).
So a new boiler is deductible but a new driveway is not!
Finance Costs: Only the interest portion of your mortgage payments is deductible. This is restricted to 20% of the finance costs.
So keep your annual mortgage statement to make your accountants life easier! (please 😂)
Utilities and Services: Expenses for utilities like water, gas, and electricity, as well as services such as cleaning and gardening, can be deducted.
Insurance: Premiums for landlord insurance policies, including building and contents insurance, are allowable.
Professional Fees: Fees paid to letting agents, accountants (my fees 😀), and legal advisors can be deducted.
Other Costs: This includes advertising for tenants, ground rent, and service charges.
I’ve found that understanding these allowable expenses will make a significant difference in how you manage your rental properties efficiently. It’s not just about saving money—it’s about making informed decisions that benefit both you and your tenants.
If you've got this far you may be wondering what the picture has to do with the post? Well, nothing I just thought it was a nice pic 🤷♂️
09/08/2024
Heard of the P87 Form?
If you’ve got work-related expenses, the P87 form can help you claim tax relief quickly and easily.
Here’s how:
1. Check Your Eligibility:
Expenses like mileage, uniforms, or tools that your employer didn’t cover? You’re eligible!
2. Log In to HMRC:
Go to your Personal Tax Account on the HMRC website. If you don't have one it's easy to sign up. You don't need to be registered as Self-employed.
3. Fill Out the Form Online:
Enter your details, list your expenses, and submit directly through the site—no paperwork needed!
4. Get Your Refund:
Once approved, HMRC will adjust your tax code or send you a payment.
So don't miss out on those potential savings!
11/07/2024
Ever made a decision you regret?
At Liburd Gallagher, we make switching accountants effortless. We handle the entire process, communicating directly with your current accountant to ensure a smooth transition.
