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Property and Construction News

We act for a large number of property and construction firms

FTT slams HMRC conduct over VAT Assessment and Penalties

A First Tier Tribunal (FTT) has issued a 37-page ruling relating to an appeal against a £69 VAT assessment and three penalties of £780, £8.85 and £10.35, saying the decision by HMRC had a number of disturbing features’ about HMRC’s 'muddled'...

What businesses need to know about the new GDPR

The General Data Protection Regulation (GDPR) is set to come into force from May 2018. It will replace the current Data Protection Act and is the biggest overhaul of data protection legislation for over 25 years. GDPR will change the way organisations...

Input Tax – Beware of the pitfalls!

VAT expert Tony Nickson outlines the pitfalls to avoid when reclaiming input VAT. 1. Reclaims for purchases made before VAT registration It is important to ensure that the maximum amount of input VAT is reclaimed on your business expenditure. This includes...

R&D tax incentives – don’t miss out!

Research and Development (R&D) tax incentives can provide additional tax deductions and enhanced cash flow for companies that develop new products, processes or services. Although widely available, many companies wrongly believe they are not eligible for R&D tax...

The Election result: What are the tax implications?

The general election has ended in a hung parliament – the Conservative party have the most seats but do not have an overall majority. Theresa May has announced that she will form a government with the support of the Democratic Unionist Party (DUP). What does this...

Business rates increase 2017/18

As of 1st April 2017 business rates have increased. In this article we will discuss what business rates are, what has changed, what the government announced in the Budget in order to ease the strain of the increase and whether you can appeal the business rates...

Tax break to be abolished for short-term letting?

A word of warning to those who rent out their homes on a short-term basis, including users of property sharing websites like Airbnb.  Buried deep within the Spring Budget were a couple of sentences that suggest the tax treatment of short-term letting is about to...

Small business 2017 Budget review and analysis for SMEs

The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed...

Tax Rates and Allowances 2017/18

Tax Rates and Allowances 2017/18 Many of the tax rates and allowances are fundamental to our business and personal lives and the most important ones for the 2017/18 tax year are summarised here. We are sure that you will find it a useful point of reference throughout...

The Autumn Statement 2016 predictions

The Autumn Statement 2016 on Wednesday is set to be an important event.  It will be the Chancellor’s first opportunity to outline his plans for taxes & spending in the wake of the Brexit vote. But what tax changes can we expect in the upcoming Autumn Statement?  Craig...

New polymer banknotes start circulation with £5 note

The 13th September marked the first day of the brand new polymer banknotes being issued. The £5 note is the first of the banknotes to be launched in England and Wales. The polymer made banknotes are much more durable than the old banknotes and can withstand getting...

Brexit: tax implications as the UK votes to leave the EU

From the argument over selling bendy bananas to the threat of an emergency Budget, the EU referendum campaign has undoubtedly had its share of the headlines over the past couple of months. The biggest headline now though is of course that the UK has voted to leave the...

£17m funding available for training in the Sheffield City Region

Do you know about the new Skills Bank for the Sheffield City Region? The Skills Bank is a government/LEP initiative aimed at workforce training and development in the Sheffield City Region. It is a £17m fund - new for 2016 - comprising of funding from the European...

Buy-to-let tax changes for landlords and property investors

Are you aware of the recent buy-to-let tax changes? The UK property market, whilst cyclical, has proved over the long-term to be a very successful investment. This has resulted in a massive expansion in the sector and investments in buy-to-let properties have been and...

Expenses exemption to replace dispensations from 6 April 2016

Are you aware of the changes to dispensations? In the past, many businesses have applied to HMRC for dispensations. Dispensations have allowed expenses and benefits to be provided to employees without being included on a P11D or subject to PAYE and NIC. A dispensation...

Small business 2016 Budget review and analysis for SMEs

Welcome to our small business 2016 Budget review On 16 March, the Chancellor delivered his first Budget of 2016. In the lead up to the 2016 Budget there were a number of potential measures which many small business owners may have been hoping for, including an...

Tax Rates and allowances 2016/17 – summary and details

Tax Rates and Allowances 2016/17 Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones for the 2016/17 tax year are summarised here. We are sure that you will find it a useful point of reference throughout the coming...

2015/16 year-end tax planning advice for owners and individuals

2015/16 year-end tax planning advice Would you like the opportunity to reduce the taxman’s take from your own and your family’s income? If so please continue on to read our year-end tax planning advice. Carrying out an annual review of your tax affairs could...

Important PAYE and employment tax changes 2016 that you need to know

Are you ready for the fothcoming PAYE and employment tax changes? There are some very important changes to PAYE and employment tax rules due to come into effect from April 2016. It is important that as an employer you are aware of these changes and, if necessary, have...

Ongoing transportation projects to improve UK links

The Chancellor, George Osborne, has promised to continue to make significant infrastructure improvements a key focus over the next four years through committing billions of pounds to improving the UK’s transportation links. In this article we look at some of the...

Housing case highlights complicated charity VAT exemptions

VAT is a constant focus in the charity sector and presents a wide range of different challenges and issues for charitable organisations. The unique and valuable VAT reliefs that are available to charities are detailed and tightly defined, as a recent housing example...

Uncertainty for buy-to-let landlords after tax changes

Last month I spoke at the 2015 Yorkshire Bank buy-to-let seminar in Doncaster about the recent buy-to-let tax changes. Now, following the Chancellor's latest Autumn Statement, more changes are on the way... The buy-to-let market is thriving, but the government's...

Property income – repairs & replacement – more tax changes

There have been some recent changes to the amounts that can be claimed as repairs or replacements for landlords of residential properties but, despite these changes, the government is proposing further legislation in this area to be introduced from April 2016. The...

Booming conveyancing market on the up again

Safe as houses, as the old saying goes. As the housing market continues to recover following the devastating blow it was dealt during the 2008 recession, the conveyancing market is once again on the up. Conveyancing has continued to slowly recover since the sharp...

Changes for ‘Buy to Let’ landlords in Summer Budget

It was announced in the Summer 2015 Budget that the government will restrict the amount of income tax relief landlords can claim on residential property mortgage interest costs to the basic rate of income tax. This means that residential landlords will no longer be...

Chancellor gives Annual Investment Allowance certainty

The Chancellor announced in the Summer 2015 Budget that the Annual Investment Allowance will be set permanently at £200,000 from 1 January 2016. He has previously said that this would be included in the Autumn Statement, but this earlier announcement provides welcome...

Tax Rates and allowances 2015/16 – summary and details

Tax Rates and Allowances 2015/16 Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones for the 2015/16 tax year are summarised here. We are sure that you will find it a useful point of reference throughout the coming...

Reducing the cost of buying a home – SDLT reform

One of the welcome announcements in the Autumn Statement included the immediate reform of Stamp Duty Land Tax (SDLT) on the purchase of residential property. Until this announcement SDLT was charged at a single percentage of the price paid for the property, depending...

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