The UK government is tightening rules to prevent money laundering through fake identities in company registrations. New amendments to the Companies Act 2006 require strict identity checks for anyone setting up, running, or controlling companies. These changes aim to...
Megan Stacey, our Director of Accounting, sat down with us to talk about her work, the recent changes she has noticed in property management accounting, and a little about herself. Can you tell us a bit about your background...
Today’s fast-paced business environment means robust and efficient accounting software is crucial for success. At LoftyAccounting, we understand the importance of leveraging technology to streamline your financial processes. That’s why we proudly recommend Xero, a leading cloud-based accounting software,...
Have You Overpaid Stamp Duty? Here’s How to Claim a Refund: Eligibility Criteria for Stamp Duty Refunds It’s important to know when you can claim a stamp duty refund, as HMRC has specific rules and not all property purchases...
Starting June 1, 2024, HM Revenue and Customs is abolishing the Multiple Dwellings Relief (MDR) in Stamp Duty Land Tax (SDLT). MDR was a discount given to those buying multiple properties. It allowed buyers to pay tax based on...
When it comes to financial reporting for limited companies, choosing the right framework is crucial. In the UK, companies often decide between FRS 102 Section 1A and FRS 105. Understanding the differences and implications of each standard can help...
When it comes to earnings, some, like salaries, undergo upfront taxation, while others may initially remain untaxed. Untaxed earnings must be disclosed to HMRC upon receipt and may require annual reporting through a tax return. If you are starting...
HMRC has made an unexpected decision: despite the base interest rate climbing to 5.25%, they have chosen to keep the official rate of interest (ORI) for director’s loans steady at 2.25%. This departure from their usual practice of adjusting...
Making Tax Digital (MTD) is a government initiative to make tax administration more efficient. Under MTD, individuals and businesses need to keep digital records, use accounting software that complies with MTD standards, and submit updates every quarter. These submissions...