Property and Construction News

We act for a large number of property and construction firms
Deadline for SDLT extended for main residence disposals

Deadline for SDLT extended for main residence disposals

In 2016 the Government introduced a 3% surcharge on purchasing second homes. If you buy a new home and your previous home has not sold at the time of the purchase, this charge applies. But it is possible to claim the 3% surcharge back if you sell your old home within...

Tax Rates 2020/21

Tax Rates 2020/21

Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax rates As...

Hawsons are here to help COVID-19

Hawsons are here to help COVID-19

During this difficult time Hawsons are here to help and support their clients as best they can The Government has announced new measures to help businesses through this difficult time. The first being the tax helpline to support businesses affected by coronavirus. If...

Bank of England Update for Businesses and Households

Bank of England Update for Businesses and Households

Bank of England Update for Businesses and Households During this difficult time for businesses and households, the Bank of England has put together a list of sites where you can find the latest updates from the Government. The following has been circulated by the bank...

First-time buyers fail to take advantage of house price slowdown

First-time buyers fail to take advantage of house price slowdown

First - time buyers fail to take advantage of house price slowdown The current property market has been very weak over the last year. But it appears that first-time buyers have been unable to take advantage of this, with house prices increasing more for them than...

UK house price growth increases by more than 1%

UK house price growth increases by more than 1%

UK house price growth increases by over 1% for the first time in a year In the year 2019 house prices rose by 1.4% according to the Nationwide. In December it was the first time in 12 months the annual price growth had increased by more than 1%. However, the...

Hawsons makes history after 165 years in business

Hawsons Chartered Accountants is 165 years old Hawsons Chartered Accountants was founded in the city of Sheffield in 1854 – more than 25 years before the creation of the Institute of Chartered Accountants in England and Wales – by Alfred Allott and John Hewett....

The Election Result: What are the tax implications?

The Election Result: What are the tax implications?

Tax implications of the Election Result The general election has ended and the Conservatives have secured a large majority winning 365 seats. What does this mean for tax?  How will the election result affect you or your business? Tax expert Craig Walker provides a...

Changes to Principal Private Residence (PPR)

Changes to Principal Private Residence (PPR)

When an individual dispose of a property that is their only or main residence under PPR rules usually an exemption on their capital gains tax applies. The exemption applies if the relevant conditions are met throughout the period of ownership. This relief is...

House price growth at a six-year low

House price growth at a six-year low

The Halifax have said that house prices rose by 1.1% in the year to the end of September, which is the slowest rate since April 2013. Even though house price growth has not been this low since April 2013, low interest rates are keeping mortgage approvals steady. The...

Brexit causes housing market stand-off with buyers and sellers

Brexit causes housing market stand-off with buyers and sellers

Brexit causes housing market stand-off with buyers and sellers  House buyers and sellers are both holding back as the Brexit talks continues. Statistics for September displayed that the number of sellers putting their homes up for sale is the lowest level since June...

Brexit could cause property investment to surge

Brexit could cause property investment to surge

Brexit could cause property investment to surge  UK property investors are becoming more cautious whether to invest due to uncertainties around Brexit. But a new survey has suggested that when we do leave the European Union property investment will increase. According...

Property price growth has fallen to less than 1% in England

Property price growth has fallen to less than 1% in England

House price growth has almost slowed to a standstill, with the annual price growth in the 12 months up to July 2019 being just 0.7% in England. If we compare that to Wales and Scotland where year on year rise is 4.2% and 1.4% respectively. In terms of location average...

Housing experts predict Brexit would cause house prices to fall

Housing experts predict Brexit would cause house prices to fall

Housing experts predict Brexit would cause house prices to fall A poll conducted by Reuters has found that housing experts predict that Britain’s property market will suffer with average prices dropping by around 3% nationally if we leave the EU without a deal. 85% of...

Domestic reserve charge for construction services to be delayed

Domestic reserve charge for construction services to be delayed

Domestic reserve charge for construction to be delayed  The domestic reserve charge was supposed to come into action on 1 October 2019. However, representatives from the construction industry have raised concerns that some companies are not ready for the changes....

Official figures show that property sales fell in July

Official figures show that property sales fell in July

Official figures show that property sales fell in July Sales of residential properties have reduced significantly in the UK. There was a reduction of 8.5% between June and July, and a year on year decline of 12.4% (Official Data). HMRC’s data shows that there were...

A domestic VAT reverse charge will be introduced from 1 October 2019

A domestic VAT reverse charge will be introduced from 1 October 2019

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...

Consultation on ancillary capital gains reliefs

Consultation on ancillary capital gains reliefs

A capital gains tax (CGT) exemption applies when an individual disposes of a dwelling that has been used as their only or main residence under the Private Residence Relief (PRR) rules. The exemption applies as long as the relevant conditions are met throughout the...

Tenant Fees Act: 2019

Tenant Fees Act: 2019

The new rules for landlords and letting agents in England came into effect on 1 June 2019. The Tenant Fees Act will make it illegal to charge tenants any fees apart from the rent, deposits, and other necessary costs. It means tenants will no longer face fees for...

How will the VAT reverse charge for construction work?

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...

Private Residence Relief: Budget 2018

Private Residence Relief: Budget 2018

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)...

Structures and Buildings Allowance: Budget 2018

Structures and Buildings Allowance: Budget 2018

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...

How will the VAT reverse charge for construction work?

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. What is a reverse charge? In a nutshell the reverse charge is where the customer charges themselves VAT, rather than the supplier charging VAT. This...

Bank of England raises interest rates to highest level since 2009

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...

Making Tax Digital and VAT: are you ready?

Making Tax Digital and VAT: are you ready?

Making Tax Digital VAT: are you ready? Making Tax Digital (MTD) will commence in April 2019 under the current Government timetable.  Initially this will only be for VAT purposes, with the wider roll out of MTD having been delayed until the system has been shown to...

Tax Rates 2018/2019

Tax Rates 2018/2019

Introduction to tax rates We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used.  ...

FTT slams HMRC conduct over VAT Assessment and Penalties

FTT slams HMRC conduct over VAT Assessment and Penalties

FFT 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...