Property and Construction News

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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

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 2016, the month of EU referendum. The Royal Institution of...

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 to the new survey commissioned by Experience...

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

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 housing experts in the poll say that this drop could last for...

Domestic reserve charge for construction services to be delayed

Domestic reserve charge for construction services 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. Therefore, the government have decided to delay this for 12...

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...

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...

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

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

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?

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...

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...

Making Tax Digital and VAT: are you ready?

Making Tax Digital and 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 work well for VAT and not...

Tax Rates 2018/2019

Tax Rates 2018/2019

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.   The cost of...

FTT slams HMRC conduct over VAT Assessment and Penalties

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

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!

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!

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...

The Election result: What are the tax implications?

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

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?

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

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

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 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? ...

New polymer banknotes start circulation with £5 note

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

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...

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