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MTD For Income Tax Postponed To 2024/25

Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024. This will give the self-employed and buy to let landlords an extra year to […]

Read more October 13th, 2021

Capital Allowances On Plant In Residential Property

The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. However, plant and machinery installed in the common areas of blocks of flats such as hallways, stairs and lift shafts would qualify as the flats themselves are the dwellings not the building as a whole. HMRC have recently […]

Read more October 12th, 2021

Notify Option To Tax Land And Buildings Within 30 Days

If you are notifying HMRC of a decision to opt to tax land and buildings, you are normally required to notify HMRC within 30 days. The 30 day deadline was temporarily extended to 90 days to help businesses and agents during the pandemic, but that temporary extension has now ended for decisions made from 1 […]

Read more September 20th, 2021

COVID-19 Commercial Rent Arrears

The Government has issued the following statement with regard to ring-fencing commercial rent arrears arising as a result of the impact of COVID-19: ‘The Government has announced that it intends to put in place through legislation a scheme to ring-fence outstanding rent arrears relating to periods when a business’s ability to trade has been impacted […]

Read more September 8th, 2021

Landlord Right To Rent Checks

This update replaces previous guidance issued on 20 April 2021. The temporary COVID-19 adjusted right to rent checks will now end on 20 June 2021, and from 21 June 2021 landlords will revert to face to face and physical document checks as set out in legislation and guidance. This is aligned with the easing of […]

Read more May 21st, 2021

Budget Summary Spring 2021

Chancellor Rishi Sunak presented his much-anticipated second Budget on Wednesday 3 March 2021. There were many rumours of changes that would be implemented, but much of the content concerned maintaining the current position for up to five years causing a fiscal drag to boost tax revenues. In his speech, he stated his Budget ‘meets the […]

Read more March 4th, 2021

European Property Owners Face Higher Tax Bills

Now that the UK has finally left the EU some taxpayers will start to see additional tax costs. One example is where UK residents own holiday homes in EU countries that they rent out for part of the year. Owners of EU rental properties may now be required to pay more tax in those countries, […]

Read more February 8th, 2021

Time To Review Your Will?

Top of the to do list for many individuals is to make or update their will. Many think this is something to leave until later in life but it is important to get things in place once a property is acquired or when children come along. In the absence of a will, there are statutory […]

Read more January 13th, 2021

Rent Covered By Rent A Room Relief

For many property owners, the rental income will be tax free if it is within the £7,500 rent a room relief and will not even need to be reported. This applies where room(s) in the taxpayer’s main residence are rented out, typically to lodgers. Where the house is owned jointly, they would qualify for £3,750 […]

Read more November 12th, 2020

AirBNB Reporting Property Rental Details To HMRC

You may have seen in the newspapers that Airbnb will share data with HMRC about the earnings of hosts (those who let out property) on its UK platform in the years 2017/18 and 2018/19. It is anticipated that HMRC will use this data to open enquiries into the tax affairs of individuals who have not […]

Read more November 12th, 2020

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