Latest Property

Adding to the plethora of red tape, there is now a requirement for overseas entities (ie a legal entity, such as a company or other organisation, that has legal personality and is governed by the law of a country or territory outside the UK) who own or lease property or land in the United Kingdom…

Last month, the Financial Times released an article detailing the huge numbers of buy-to-let investors and second homeowners failing to meet the 60-day Capital Gains Tax reporting and payment deadline, which is as high as 20%.   The article can be found here: One-fifth of property sellers miss CGT payment deadline | Financial Times  …

VAT can be something of a minefield when it comes to construction, with the VAT rate depending on the specific circumstances. The applicable rate of VAT will vary depending on the project undertaken and should be considered from the outset to avoid potentially costly errors. The first sale of a newly built residential property will…

The Construction Industry Scheme (CIS) was first introduced in 1971 (named the Construction Industry Tax Deduction Scheme) in order to combat tax evasion in the construction industry. This is done by contractors deducting money from a subcontractor’s payments and passing it onto HM Revenue and Customs on their behalf. The deductions are then considered as…

  Tax planning is not often at the top of the to-do list when a couple are separating, however, the timing of asset transfers can make a huge difference for tax purposes.   The rules as things stand   Married couples and civil partners can transfer chargeable assets between them without incurring capital gains tax…

Although a business may have an accounting year which doesn’t end on 5 April each year, they will still be required to submit various returns to HMRC on a tax year basis. Compliance is now an extremely important aspect of any business, with deadlines, fines and indeed penalties being applied where dates are missed, or…

While you may be pleased that the value of your home is increasing, it may also mean that you need to consider the effect that the increased value may have on Inheritance Tax.   The number of people being caught by Inheritance Tax has increased by over 35% within the last year, mainly due to…

From April 2023, the government will be tightening up the rules in England where currently some landlords do not pay either business rates or council tax on their furnished holiday lets.  In most cases, however, landlords will want to be assessed for business rates in the hope of qualifying for small business rates relief (SBRR),…

UK resident individuals who dispose of UK residential property are sometimes required to deliver a CGT return to HMRC and make a payment on account of CGT now within 60 days (instead of the previous 30 days) of completion of the property disposal. Broadly, this only applies where the property disposal gives rise to a…

If you own a UK holiday let are you declaring your rental profits to HMRC? If not time may be running out to make a voluntary disclosure of past profits.   HMRC has the power to request information, or documents, from third parties such as holiday booking sites; as well as being able to search…