[ˌdɛkləˈreɪʃᵊn ɒv trʌst]
A Declaration of Trust is a legal document that describes the ownership structure of property and can be used to reduce tax bills.
A Declaration of Trust, also known as Deed of Trust, is a legal document that outlines what percentage of a property each part-owner owns. Without one, HMRC will assume it is split up equally.
A Declaration of Trust can potentially increase tax efficiency by making use of different people's tax allowance and differing Income Tax rates. It can also allow for people to make most efficient use of the Capital Gains Tax Allowance if they sell the property for a profit in the future.
A Tenancy in Common agreement allows individuals to split a property unequally, and give an individual's share to a beneficiary of their choosing when they die.
There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.
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Self-employed individuals can use two different methods to expense business vehicle costs. Here, we investigate the positive and negatives for both methods and which one might be right for you.
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