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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Buy to let investors – don’t pay too much stamp duty land tax!

As landlords will be aware, in addition to the normal rates of Stamp Duty Land Tax (SDLT) for residential properties, there is now  a 3% SDLT surcharge which is payable on the acquisition of  a second ‘dwelling’ (e.g. a home, a buy to let, a holiday let).   So how does this charge affect you […]

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Tax free reimbursement of directors and employees expense claims

Formulating, processing, and evidencing expense claims for travel & subsistence costs incurred by directors and employees can be a frustrating burden on any employer’s time. So is there another way of doing things? The obvious alternative is to reimburse expenses using HMRC’s ‘benchmark’ scale rate payments, thus circumventing the need to collect receipts and then collate […]

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