Private Residence Relief: Budget 2018
Chancellor Phillip Hammond announced in his Autumn Budget 2018 that from April 2020, the rules surrounding private residence relief will be tightened. Private Residence Relief (PRR) protects taxpayers from capital gains tax (CGT) when selling their main home. There...
Structures and Buildings Allowance: Budget 2018
For many years, although there have been capital allowances for plant and machinery that forms an integral part of buildings, there has been no tax relief for the costs of constructing most structures and buildings themselves in the UK. The Government has announced...
How will the VAT reverse charge for construction work?
A domestic reverse charge will be introduced from 1 October 2019 to tackle VAT fraud in the construction industry. Tony Nickson, VAT Consultant at Hawsons, explains what this will mean for businesses.What is a reverse charge?In a nutshell the reverse charge is where...
Bank of England raises interest rates to highest level since 2009
The Bank of England has raised the interest rates for only the second time in a decade. The increase was from 0.5% to 0.75%. The quarter of a percentage point rise sets the rate at its highest level since March 2009. The rise in the interest rate will no doubt...
