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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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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