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...
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...
New data from the CN100 2022 ranking of the UK’s 100 biggest construction firms has discovered that aggregate pre-tax profits for the 100 biggest construction firms increased by just over £1.17bn. Equivalent figures from 2021 showed an aggregate pre-tax loss of £40m....
Following the recent appointment of the new Prime Minister, Liz Truss. There has been a cabinet reshuffle with Kwasi Kwarteng appointed Chancellor. Following his appointment, the new Chancellor announced a ‘Mini-budget’ which took place this morning. This was one of...
Introduction By 2025 more than 50% of 20-39 year-olds are expecting to be living in a privately rented rental property across the UK as the rise of ‘Generation Rent’ continues. Furthermore, as the rental market continues to grow, so does the competition with new...
Filing VAT returns Businesses must file their VAT returns using functional compatible software. Most businesses are doing this successfully, but those who do not may be charged a £400 penalty for each VAT return filed. Keeping records digitally Businesses must also...
What is the transfer of a business as a going concern for VAT purposes? Be Aware, Getting it Wrong Can be Costly!! The transfer of a business as a going concern for VAT usually involves high ticket items. To get the VAT liability wrong can lead to severe...
The Postponed VAT Accounting (PIVA) system for imported goods was introduced on 1 January 2021 and allows VAT registered businesses to declare and, subject to the normal rules, reclaim import VAT on the same VAT return. This avoids VAT being paid to HMRC on import and...