The additional stamp duty land tax (SDLT) rate of 3% is payable by purchasers of residential properties costing £40,000 or more and if all of the following conditions apply: 1) it will not be the only residential property worth £40,000 or more owned (or part owned) by the purchaser anywhere…
Continue Reading
In a furnished let, wear and tear of domestic items are inevitable and there will come a time when the landlord will need to provide replacements. From a tax perspective, special rules apply to provide relief for the cost of replacement domestic items. The rules only apply to residential lets,…
Continue Reading
When a company closes down, it may have accumulated monies or assets that need to be distributed to shareholders. If the asset is in the form of cash then any distributions would typically be as dividends (or possibly additional contributions to a pension scheme). A dividend will be the route…
Continue Reading
I have been advised by my dealership and accountant that I can reclaim VAT on the purchase of a new electric car. Is this correct as this would be a major consideration in the decision to purchase? This has become a very common question of late presumably driven by the…
Continue Reading
For many the lure of a renovation project is strong and for those looking to generate rental income, doing up a dilapidated property to let out may make commercial sense. When buying an investment property, the addition of the 3% SDLT supplement means that the SDLT hit may be significant.…
Continue Reading
Capital allowances are the tax equivalent of depreciation and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception of cars, capital allowances are not available where accounts are prepared under the cash basis; instead, relief may be available as a deduction in computing…
Continue Reading
As commerce has moved online, customer service has had to evolve. Some of the best businesses used to stand out with their attention to detail, personal touch, and ties with people in the community. With the increasing shift to online business models, customer service has shifted to live chat, social…
Continue Reading
The number of tax enquiries is on the increase; the reason is not that more taxpayers are seeking to defraud the tax system but because advances in digital technology and data exploitation are enabling more efficiently targeted enquiries. For example, although HMRC undertook fewer stamp duty land tax investigations last…
Continue Reading
Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule allows them to transfer assets between them at a value that gives rise to neither a loss nor again. This can be very useful from…
Continue Reading
If you’re an employer who is looking to provide job placements for young people, then the Governments Kickstart Scheme is a great way to take on young people with the help of significant funding. The Government are providing funding to create jobs. Who can apply for the Kickstart Scheme funding?…
Continue Reading