Influenced by a chronic undersupply, rising demand for property in the UK and the turbulence of the last two years owing to the pandemic, long-term forecasts for property investing are incredibly optimistic. We could see the UK home prices grow by 21.5% by 2025. On the other hand, JLL, the real estate and investment […]
15
Jun
Jun
In 2016, the then Chancellor, George Osborne, introduced a stamp duty surcharge of 3% on purchasing buy-to-lets and second homes. That means the 3% slab tax is based on the whole property price and payable on top of the standard stamp duty applicable. Secondly, in 2017, the government began withdrawing the total tax relief […]
02
Jun
Jun
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is set to change the way millions of self-employed business owners and landlords report their earnings to HMRC from 6 April 2024. Any sole trader or a landlord with a total business and/or property income above £10,000 per annum will have to comply with […]
02
Jun
Jun
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) offers self-employed business owners and landlords a new way to report their earnings and pay income tax. MTD ITSA hopes to revolutionise tax administration so it is easier for taxpayers to get their taxes right. Who does MTD for ITSA affect? Anyone who is […]
24
Mar
Mar
On March 23, 2022, the Chancellor of the Exchequer delivered his Spring Statement to Parliament. With so much uncertainty in the world now due to the conflict in Ukraine, rising fuel prices, proposed energy increases and worries about inflation, all eyes were on Mr Sunak to see if he was going to deliver some […]
22
Oct
Oct
VAT can feel a little confusing at first. Is it voluntary? Mandatory? What do you need to do? You can voluntarily register your business for VAT at any point from day one of setting up a business. However, you are required to register for VAT when your turnover reaches the VAT registration threshold (currently […]
09
Jul
Jul
There are thousands of landlords in the UK, owning and renting out second properties. The majority of these landlords declare their income and pay taxes on the profits on their tax returns because they know the consequences of not declaring rental income. But what do you do if you have rental income that you […]
Blog, Business Challenges, Taxation
What is the Domestic Reverse Charge and how does it affect my construction business?
22
Mar
Mar
You may have already heard about the Domestic VAT Reverse Charge that came into effect from 1st March 2021. This is a change in the way contractors and subcontractors in the construction industry will account for VAT, specifically aimed at VAT registered businesses working under the Construction Industry Scheme. These changes can often feel […]
Business Challenges, Self Assessments, Taxation
What if I can’t pay my Self Assessment Tax in full by April 1st?
15
Mar
Mar
If you missed the payment deadline for Self Assessment on 31st January, there’s good news. HMRC are giving you more time to pay your Self Assessment Tax due to the impact of Covid-19. Although the deadline didn’t change in 2021 despite the financial hardship faced by many businesses in the Covid Crisis, taxpayers […]
Blog, Business Challenges
I deferred VAT payments due to Covid 19, how and when do I have to make payment?
08
Mar
Mar
Many business owners took advantage of the opportunity to defer VAT in 2020 as a result of the Government’s Covid-19 business relief. While we’re not out of the woods with lockdown just yet, it helps to know when you are required to make repayments, and how you can go about doing that. The good news […]
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