Owner managed businesses
Running an owner-managed business – whether you’re starting out on your own for the first time or are the latest in a long line of generations to take the reins – means that you are constantly juggling dozens of different demands.
That’s why you need advisers you can trust to help you run your business in the most cost-effective and efficient way, identify and make the most of new opportunities and to plan for the future, so that your business can continue to develop and grow in the longer-term.
At Fawcetts accountants in Salisbury, we can help to free up your time, so that you can concentrate on running and building your business, by dealing with day-to-day financial issues, including bookkeeping, payroll and VAT.
If your business needs are more complex, we offer expertise to assist with business strategy and planning and corporate tax planning.
We can use our experience in raising finance to help you if you’re planning investment and growth and support you every step of the way with mergers, acquisitions and sales.
When it comes to passing on your owner-managed business, whether it’s to the next generation or through an in-house takeover or external sale, we’ll also make sure your succession and retirement planning starts well in advance so everything is in place for a smooth transition.
For more information on Fawcetts accountants’ services for owner-managed businesses in Salisbury, please contact us.
If you have lived abroad for six or months or more in a year, you are classed as a “non-resident landlord”, and the income you receive from renting out your home whilst abroad is taxable in the UK.
This needs to be declared to HM Revenue & Customs (HMRC), but you do not necessarily need to file a tax return.
Non-resident landlords can choose to be taxed in one of two ways:
- Through self-assessment (SA). SA tax returns must be filed by the 31 January deadline if you do it online, or by 31 October if you choose to do it by paper. If you haven’t registered for SA, you must do so by 5 October.
- At source, deducted by your letting agent or tenant.
If you choose to get your rent in full and pay tax via SA, you’ll need to fill in a form NRL1i, found here. If previous tax returns are outstanding, or if tax is owed, your application may not get approved.
Even if you are a non-resident landlord, your £11,500 personal tax allowance still applies.
You might also need to pay Capital Gains Tax if you make a gain when you sell residential property in the UK.
Link: Tax on your UK income if you live abroad
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G Blamire - Salisbury
"Through personal experience i have experienced that the size and scale of a business is immaterial to Fawcetts - the commitment is always the same and they really make you feel as though you and your business matters."
Lou Whiting - Salisbury
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"James has been a huge help to me as I look to incorporate Creativemint, talking me through all the options, offering advice and helping me to feel relaxed and happy about the transition and services I will need."
Miles Murray - Salisbury
"Nick has been a great help year on year providing my business with efficient services and ever useful and practical advice."
Mrs Zanne St John Marchmont
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