Property
VAT domestic reverse charge delayed
VAT domestic reverse charge for building and construction services delayed HMRC has announced a one-year delay to the introduction of the VAT domestic reverse charge for building and construction services. The reverse charge represents part of a government clamp-down on VAT fraud. According to the government, large amounts of VAT are lost through ‘missing trader’ fraud. As part of
Trusts and Estates with savings income
Trusts and Estates with small amounts of savings income In the latest Trusts and Estates Newsletter HMRC has confirmed the continuation of the interim arrangement for interest reporting. In 2016 the requirement for payers to deduct tax at source on bank and building society interest was removed and income from these sources is now paid gross. Due to this
New changes may cause VAT construction chaos
VAT changes may cause construction chaos The Federation of Master Builders (FMB) is warning that a major change in the way that VAT is accounted for in the building and construction sector which takes effect later this year may cause chaos. The VAT domestic reverse charge for building and construction services applies from 1 October 2019. It is an
Private Residence Relief changes
Private Residence Relief changes The government published draft legislation for the next Finance Bill including draft clauses on the changes to Private Residence Relief (PRR). The draft legislation is subject to consultation which closes on 5 September 2019. Following consultation this Spring, changes are proposed to the Private Residence Relief (PRR) regime from April 2020. For properties that have
Update on Structures and Buildings Allowance
Update on Structures and Buildings Allowance Chancellor Philip Hammond delivered the Spring Statement on Wednesday 13 March 2019 amidst all the Brexit debates. In his speech the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system together with updates on
Stamp duty tax relief: 180,500 new homeowners benefit
180,500 new homeowners benefit from stamp duty tax relief According to statistics published by HMRC more than 180,500 first-time buyers have benefitted from First Time Buyers Relief (FTBR). The relief introduced in November 2017 has saved eligible first-time buyers an estimated total amount of more than £426 million. Mel Stride MP, Financial Secretary to the Treasury, said: ‘These statistics
HMRC warning: time to declare offshore assets
HMRC warning: time to declare offshore assets HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new ‘Requirement to Correct’ legislation comes into force. HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax
Stamp duty cut: 121,500 households save £284 million
Stamp duty cut: 121,500 households save £284 million According to the latest statistics 121,500 first-time buyers have saved a total of £284,000,000 following the introduction of a relief for first-time buyers under the Stamp Duty Land Tax rules which apply in England and Northern Ireland. Over the next five years, it is estimated that this relief, part of the
New VAT rules for building trade in 2019
New VAT rules for building trade in 2019 Under new VAT rules due to come in on 1 October 2019 builders, sub- contractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. The measure is designed to combat VAT fraud in the construction sector labour supply chain which
Taking a lodger? Don’t forget to claim “rent a room” relief
Taking a lodger? Don’t forget to claim “rent a room” landlord relief HMRC are carrying out a review of rent a room landlord relief to discover whether the scheme, introduced back in 1992 provides the right incentives for the rental market. The current scheme exempts from tax, gross rents up to £7,500 where rooms within the taxpayer’s main residence
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