Property and Construction News

We act for a large number of property and construction firms
Mortgage Payment Holidays set to End on 31 October

Mortgage Payment Holidays set to End on 31 October

It is expected that Mortgage Payment Holidays will expire on 31 October 2020 (according to Britain’s financial watchdog). Even though many homeowners may be finding it difficult to pay their mortgage. The Financial Conduct Authority (FCA) did extend the scheme in June...

Built-up property demand is causing faster sales

Built-up property demand is causing faster sales

Research by Zoopla has suggested that built-up property demand has caused properties to sell much faster. Zoopla has reported that sales agreed through their property portal is 76% more than the current five-year average. One of the reasons is due to the temporary...

Rishi Sunak announces £2bn home insulation scheme

Rishi Sunak announces £2bn home insulation scheme

Rishi Sunak announces £2bn home insulation scheme   The Chancellor has announced a £2bn grant scheme for homeowners for energy-saving home improvements, this is part of a wider £3bn project to cut emissions. The Treasury has said that this funding would help...

Government Announces Stamp Duty Holiday

Government Announces Stamp Duty Holiday

Government announce stamp duty holiday   Stamp duty is paid on the purchase of a property. The rules of stamp duty are slightly different across the 4 countries of the UK.   Stamp Duty Land Tax is paid in England and Northern Ireland.   Land and Building...

Prime Minister to use Construction to Accelerate Economy

Prime Minister to use Construction to Accelerate Economy

The Prime Minister has announced an immediate £5bn package of capital investment in infrastructure projects. Confirming that the Government is investing in the construction sector to accelerate the economy’s recovery from the coronavirus crisis.  This funding should...

Deadline for SDLT extended for main residence disposals

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...

Payment of Capital Gains Tax within 30 days

Payment of Capital Gains Tax within 30 days

Did you know that, from 6 April 2020, there will be significant changes to the capital gains tax regime for disposals of UK residential land and property? UK residents making a disposal will be required to submit a return and pay any capital gains tax due to HMRC...

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 do not take advantage of house price fall

First-time buyers do not take advantage of house price fall

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

Brexit causes housing market stand-off

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 drop

Housing experts predict Brexit would cause house prices drop

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 to be delayed

Domestic reserve charge 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...

Domestic VAT reverse charge introduced from 1 October 2019

Domestic VAT reverse charge 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...

Stamp Duty increase for non-residents could affect couples

ATT suggests couples 'could be affected' by an increase in stamp duty for non-residents The Association of Taxation Technician (ATT) has warned that a planned increase to Stamp Duty Land Tax (SDLT) for non-UK residents may affect certain couples planning to buy a...

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...

VAT reverse charge for construction work

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...