Some senior figures in the construction industry have criticised the Government for focussing the new cladding tax on UK-based developers, as international developers will not be subject to the new tax. What is the new cladding tax and when will it be...
Starting in April 2023 many second homeowners will not qualify to pay business rates rather than council tax. However, the good news is that if they can demonstrate that their properties are rented out as a self-catering holiday let for at least 70 days a year then...
HMRC has launched a consultation into the methods used to calculate Stamp Duty Land Tax (“SDLT”) on purchases of mixed-use property. A mixed-use property is where a property is considered as both residential and non-residential. In addition, there may also be a reform...
Forecasts by estate agent Hamptons have found that house prices are set to continue rising by 3.5% a year in Great Britain between 2022 and 2024. What is causing house prices to increase? Predictions have found that more homes will be sold in 2021 than any...
The government has published draft legislation outlining how they aim to change the current rules for taxing partners in cases where the partnership’s year-end does not fall on 31 March or 5 April. What changes are being proposed? Partners will be taxed on the...
After a promising few months of record-breaking growth in the construction sector, the IHS market index has registered as 58.7 in July. It is important to note that this means there is still growth in the industry as any score above 50 demonstrates growth. However,...
HMRC updates Salary Sacrifice guidance HMRC has removed the guidance on 'Salary sacrifice arrangements set up before 6 April 2017' as the transitional arrangements for calculating the value of the benefit came to an end on 5 April 2021. A salary sacrifice arrangement...
HMRC has launched nearly 13,000 investigations into alleged abuse of the government's coronavirus (COVID-19) financial support schemes. A freedom of information request revealed that, up to the end of March 2021, HMRC opened 12,828 investigations into alleged cases of...
Freeport operators will be able to take advantage of a zero rate of secondary national insurance contributions (NICs) for employees, the government has announced. The National Insurance Contributions Bill 2021, which legislates reliefs for those operating in...
During March 2021 almost 162,000 sales were agreed (according to Twenty CI data). This is a 77% year-on-year increase from 2020. This figure is the highest that Twenty CI data has ever seen since they started recording data back in 2009. Since the Stamp Duty Land Tax...
A survey conducted by the Construction Products Association (CPA) has found that price inflation for raw materials will continue to rise for the remainder of 2021. The survey found that housing is leading the economic recovery for the construction sector. But there is...
To ensure the continuation of fairness HMRC has decided to implement an accelerated process when it comes to VAT Partial Exemptions. This accelerated process will allow businesses to request changes to their VAT Partial Exemption methods due to Covid-19. To submit a...