In a recent review of the government’s green policies, Prime Minster Rishi Sunak has decided to scrap the proposed introduction of stricter minimum energy efficiency standards for rental properties. The original proposed changes set out that all tenanted properties,...
IntroductionSince 2016, the private rental market in the UK has shrunk by around 400,000 homes. In this article, we will look at the reasons for this trend. Landlord Policy changes A report by CBRE has found that policy changes over the last ten years has...
Renters Reform Bill As part of the new Renters Reform Bill the Government is planning to launch a new landlord database. This database has the potential to provide HMRC with large amounts of information regarding landlords which they will be able to identify landlords...
Introduction Figures published by Zoopla have found that demand for rental homes is at its highest level in over a decade. This increase in demand is compounded by the lack of supply which is driving up prices for those who rent. To demonstrate this, the number of...
HMRC will no longer issue option to tax notification receipt letters from 1 February 2023. Supplies of land and buildings are normally exempt from VAT, but it is possible to opt to tax the land/property which may allow some recovery on expenses if VAT is charged on...
What is being delayed? HMRC has announced that plans to implement digital tax reporting for unincorporated businesses and self-employed individuals and landlords in April 2024 will be delayed until April 2026. Why has MTD been delayed? HMRC have said that businesses...
A recent survey from Glenigan of more than 100 members of the National Federation of Roofing Contractors (NFRC) has found that roofing and cladding contractors are still struggling with recruitment issues in the third quarter of 2022. But, this survey does confirm...
The Government in the mini-Budget announced Stamp Duty Land Tax (“SDLT”) cuts to help first-time buyers and next-move homeowners purchase properties more affordably. These changes were effective from 23 September 2022. Unlike many of the other proposed tax changes,...
The Chancellor, Jeremy Hunt, has given his first Autumn Statement. We have highlighted below some of the key tax announcements made by the Chancellor: Personal tax thresholds The Chancellor has announced that personal tax thresholds will be frozen for a further...
The Chancellor of the Exchequer Jeremy Hunt will deliver his Autumn Statement on Thursday 17th November 2022. This is postponed from the previously planned date of Monday 31 October 2022. What time is the Autumn Statement? The Autumn Statement will be...
What are the new VAT penalties? From 1st January 2023 a new penalty-based points system will be introduced for all VAT returns that are submitted late or the payment is late. This new system will replace the current default Surcharge. Nil or repayment returns that are...
The new Chancellor Jeremy Hunt has reversed many of the tax cuts announced by his predecessor, Kwasi Kwarteng, just last month in the Mini-Budget. We have summarised the key changes below. Corporation Tax The planned increase to corporation tax, from 19% to...