HMRC revise stance on replacement boilers
In 2023, HMRC wrote to some taxpayers with property income asking them to check that the information provided in the property pages of their 2021/22 …
10 Tips for Optimizing Final Accounts in Construction
In the dynamic landscape of construction accounting, optimising final accounts is essential for the success and sustainability of your projects. With meticulous attention to detail and strategic planning, you can streamline your accounting processes and maximise profitability.
Business rates for 2024/25 and changes to empty property relief
Business rates, rather than council tax, are payable on non-domestic properties. The rates are worked out by applying the relevant multiplier to the property’s rateable …
End of multiple dwellings relief for SDLT
As announced at the time of the Spring Budget, multiple dwellings relief for stamp duty land tax (SDLT) is to be abolished from 1 June …
Reduction in higher rate of capital gains tax on residential property gains
For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only is taxed charged at a higher rate, but taxpayers also …
Efficient Payroll Services for UK Construction Businesses
Payroll management in the construction industry can be challenging due to the complex nature of the work, varying rates of pay, and compliance with tax …
Calculating the capital gain on the sale of an investment property
Rising interest rates have forced many landlords to sell up. When selling an investment property, capital gains tax is payable at the residential rates to …
Inflationary gains and the CGT trap
The current capital gains tax rules do not provide any relief for inflationary gains. This can mean that when an investment property or second home …
Boost your income by letting out your spare room
As the cost-of-living crisis continues to bite, the idea of earning tax-free income is appealing. If you have a spare room, you can make this …
Repairs and improvements – What is the difference and why does it matter?
Work may be undertaken on a property to repair it or to improve it, and it will not always be clear where the dividing line …
Avoid the temptation to make speculative SDLT claims
Not all property is equal when it comes to stamp duty land tax (SDLT). Higher rates apply to residential properties than to non-residential properties, with …
Financing an investment property
A would-be property investor will need to be able to fund the purchase of their investment property. They may choose to do this personally or …
