Agricultural Property Relief

Agricultural property tax relief

APR is an Inheritance Tax relief that is based on the agricultural value of qualifying agricultural property when it is transferred, either in lifetime or on death. Provided such property is situated in the UK, Channel Islands, the Isle of Man or the European Economic area, the following assets may qualify for APR: agricultural land […]

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Restarting a non-trading or dormant company

Reopening a dormant company

You must tell HM Revenue and Customs (HMRC) if your non-trading or dormant limited company starts trading again. You’ll also need to put together statutory accounts and Company Tax Returns after your company’s year-end. You must register your company with HMRC if it hasn’t traded before. Tell HMRC that your business has restarted trading by registering for Corporation Tax Send accounts […]

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VAT on Residential Property Projects

VAT on residential property projects

‘I’m starting a project converting and improving a run-down property for residential letting purposes. My builder says he must charge me 20% VAT as he is VAT registered.  Is this correct?’ In some cases your builder would be correct; however in many situations you should actually be charged a reduced rate of VAT, at 5% or even […]

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Key points and changes from the Autumn 2017 Budget

Autumn budget 2017

Property First-time buyers now will not pay any stamp duty on properties up to £300,000, and for London, the first £300,000 on properties up to £500,000 will be exempt. This can be a significant saving for first time buyers, benefiting almost all first-time buyers. Councils have been given power to charge 100% council tax premiums […]

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The impact of VAT and Income Tax on a Landlord’s profits

If you are in the property letting business you might find the following information useful when appraising the cost of building projects, because VAT and Income Tax can make a very significant impact on your profitability. The general rule is that short term ‘net of tax’ costs are lower if expenditure is categorised as being ‘repairs/refurbishments’ related […]

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