[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.
January 31st is the deadline for submitting 2022/23 tax returns. It's a good idea to complete your tax return ahead of this deadline to avoid mistakes and potential penalties. This article shows why its a good idea to submit your tax return early and how Earnr can help you if you are stuck.
Read more.webp)
We recently introduced our newest addition to the Earnr team; our AI chat bot, Earnr AI. In this article we put Earnr AI to the test and asked it why you should use Earnr as your tax companion, bookkeeping tool and tax return assistant. Read it's excellent response!
Read more
The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.
Read more