When Boris Johnson announced his ‘triple tax lock’ during the election campaign in late 2019, it was seen as a good thing by many people because, generally speaking, although we all tend to think certain other people (or companies) should pay more tax, we don’t want...
Both Contractors and Subcontractors need to register with HMRC for the Construction Industry Scheme. If a Subcontractor is paid by the Contractor then registering with the CIS scheme will mean the employer will deduct 20% VAT, but if they are not registered then 30%...
Stamp duty There are 3 rates of Stamp Duty Land Tax on the purchase price of a commercial property: 0% up to £150,000; 2% on the next £100,000; 5% over £250,000. VAT With commercial properties, the landlord normally applies to HMRC to ‘opt to tax’ –...
If you are a UK resident and you are selling your residential property on or after 6th April 2020, any Capital Gains Tax due will have to be calculated and paid to HMRC within 30 days of the sale. For the vast majority of sales, no Capital Gains Tax (CGT) will be due...
With shared ownership properties, even though property lawyers generally know about taxes associated with transfers and sales of property, I have come across a couple of instances where they have misadvised their clients. when a property is owned by a couple...
Every person who is resident in the UK is given a personal allowance each tax year. It operates as follows: The personal allowance is the amount of income you can receive before paying tax – and it generally increases each tax year. For the 2019/20 tax year, it is...
