Property and construction current issues

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Our property and construction accountants are aware of current developments in the property and construction sector and through our proactive approach, we inform our clients of any issues that may affect them.

The sector as a whole has continued to be fairly subdued recently, with the issues of supply and demand, VAT and SDLT planning and succession planning remaining key factors.

Big tax changes for landlords
The buy-to-let market is thriving, but the government’s recent tax changes for landlords, announced in the Summer Budget and recent 2015 Autumn Statement, will significantly increase landlords’ tax bills and, in some cases, to a massive extent. The changes include restrictions on interest relief, a new Stamp Duty Land Tax 3% surcharge, removal of wear and tear allowance and accelerated capital gains.

For more information please get in touch.

Stamp Duty Land Tax (SDLT)
SDLT is a significant issue for property developers and investors seeking to maximise profits and achieve costs inefficiencies on projects. On big tax changes that the Chancellor announced in the 2015 Autumn Statement was a new 3% surcharge on stamp duty when a person buys an additional residential property that costs more than £40,000. The impact for landlords with several properties could be huge.

For more information please get in touch.

Annual Investment Allowance
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 certainty for businesses.

For more information please get in touch.

Brexit
On 23rd June 2016 the UK voted to leave the European Union. 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 EU.

For more information please get in touch.

Research and Development (R&D) tax relief
R&D tax relief is a widely available, but often overlooked relief for construction companies. There has been an unprecedented rise in the number of companies successfully claiming R&D tax credits, with the Government pushing the incentive through increased rates and relaxed qualifying conditions. Yet, many construction businesses still do not realise that they have qualifying R&D projects. To claim this generous tax relief, you don’t have to work in a lab and wear a white coat; you may be surprised how broad the qualifying conditions are.

For more information please get in touch.

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Stephen Charles, Sheffield

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