How do I register for CIS (the Construction Industry Scheme)?

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%...

What to consider when buying a commercial property.

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’ –...

What lawyers can miss when handling taxes on sales of property

  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...

What does the ‘Personal Tax Allowance’ mean?

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...