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MTD For VAT Extended To 2022

Since 2019, the vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been mandated to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software. From April 2022 these requirements will apply to all VAT-registered businesses. It has also been announced that MTD for Income Tax […]

Read more September 8th, 2020

Property Business Owners Liable To Class 2 NICs

Class 2 National Insurance Contributions (NICs) are currently paid at the rate of £3.05 per week by self-employed earners. A person who is liable to Income Tax on the profits arising from the receipt of property rental income will only be a self-employed earner for NICs purposes if the level of activities carried out amounts […]

Read more September 7th, 2020

Reporting Property Gains Within 30 Days

Since 6 April 2020 where UK residential property is disposed of, the resulting capital gain needs to be reported and the capital gains tax (CGT) paid within 30 days of completion of the disposal. There have been a number of teething problems with the new online reporting system. HMRC stated that there would be no […]

Read more August 6th, 2020

Second Home Buyers And Buy-To-Let Landlords Welcome SDLT Cut

Although the temporary increase in the Stamp Duty Land Tax (SDLT) threshold to £500,000 was aimed at those buying their main residence, it also benefits those buying a second or subsequent property where there is a 3% supplementary charge. Thus, the rate of SDLT on a second home costing up to £500,000 is now 3%. […]

Read more August 6th, 2020

Residential Rates On Purchases From 8 July 2020 To 31 March 2021

There is a temporary cut in Stamp Duty Land Tax (SDLT) from 8 July by raising the nil-rate band from £125,000 to £500,000 until 31 March 2021. The Treasury estimates that, as a consequence, around nine in 10 people buying a main residence will pay no SDLT. Further details can be found on SDLT changes […]

Read more July 13th, 2020

Summer Economic Update

On Wednesday 8th July, the Chancellor Rishi Sunak made a speech entitled “Summer Economic Update” where he unveiled further Government supports and he unveiled the Government’s plan for jobs which he described as the “Second phase in the Government’s economic response to the crisis.” Here are the highlights and we will update you on the […]

Read more July 9th, 2020

Contracts – Where You Stand With Covid-19

Overview This article looks at the contractual implications of the virus. Is it force majeure? Can good faith be invoked to preserve some of the bargains? How about frustration? This article provides practical guidance to allow companies to understand what they can do (and what they cannot) about contracts during this pandemic. What must be […]

Read more May 11th, 2020

New System For Reporting CGT On Property Disposal Started 6 April 2020

A new CGT reporting and payment on account system was introduced for residential property disposals by UK resident taxpayers from 6 April 2020. The new system as originally announced required the disposal to be reported and any CGT on the disposal to be paid on account within 30 days of completion. HMRC have now announced […]

Read more April 24th, 2020

CGT Private Residence Relief Changes Go Ahead

The latest Finance Bill includes important changes to private residence relief that took effect from 6 April 2020. The first change is to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation and thus exempt from CGT even though the owners are not living in the […]

Read more April 24th, 2020

Coronavirus Video Resources

We’ve compiled all the recordings for our Coronavirus webinars on this one page for ease of use. Please be aware that some things may have changed since the release of the videos. If you have any questions about any of the content, please contact us. Disclaimer: The information provided by Shapcotts Accountants in this video […]

Read more March 31st, 2020

COVID-19 Business Support Update 31 March

Key Government Resources Links You can find an updating list of official resource links here. 1. Department for International Trade (DIT) has issued guidance for UK businesses trading internationally. This advice is for UK businesses that export or deliver goods and services abroad and have been impacted by the spread of coronavirus (COVID-19). It includes: […]

Read more March 31st, 2020

Budget Summary Spring 2020

Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech, he stated that ‘We are at the beginning of a new era in this country. We have the freedom and resources to decide our own future’. He also said ‘It is a Budget of a Government that gets things done’. […]

Read more March 12th, 2020

Time To Sell Property Before 6 April 2020?

If the draft legislation issued for consultation last year is enacted in the next Finance Act there will be important changes to private residence relief for disposals after 5 April 2020. Firstly, the exemption for the final period of ownership will be reduced from 18 months to 9 months. This applies where a former main […]

Read more February 10th, 2020

The 5% VAT Rules And Reduced Rate VAT Eligibility Criteria

Firstly, to start with a common misconception, the 5% VAT rule does not mean that you can reclaim 15% VAT. Let’s start at the beginning and explain where the 5% VAT rate comes into play. You can utilise the 5% or reduced VAT rate in two situations: The conversion of premises to a different residential […]

Read more January 20th, 2020

The World Of Property And Where Are We?

So where are we in terms of the impact to the world of property? Here’s what we can expect to happen this year from a Tax and Legislation perspective:

Read more January 14th, 2020