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Impacts of the Mini-Budget – updated

3rd October 2022
Following on from last weeks blog, the pressure of public opinion, the IMF, the financial markets, and other Conservative MP’s has led to Kwasi Kwarteng doing a sharp U-turn in respect of the abolition of the 45% additional rate of tax. Although the remaining budget still favours the wealthy more than the average taxpayer, the...
rental property tax deductions

Tax deductions for new landlords

3rd October 2022
You have just completed your first year of a property rental business during which you spent a lot of money getting the properties ready for letting. You spent money on redecoration, repairs, structural work, fixtures, fittings and furnishings. How much of this expenditure is tax deductible?  Sam Scott from the Tax Team advises in this...

Turning commercial property into flats?

28th September 2022
You have planning permission to convert an empty commercial property into flats. You haven’t decided whether to let or sell the property when the flats are completed. What is the position relating to VAT for both renting or selling?  Tax expert John Craig discusses. The VAT position for converting a property for rent or for...
Is my holiday park home tax deductible

Is my holiday park home tax deductible?

27th September 2022
You want to buy a holiday home, but you have a limited budget. As a low-cost option, you are considering buying a static home on a holiday park which will generate income to offset the cost. Another advantage is that you’ll get tax relief on the purchase price. Is this true?  Mark Towns from our...

Impacts of the Mini-Budget

26th September 2022
I was going to start this article with a joke about the ‘trickle-down’ economy, but 99% of people wouldn’t get it…… Trickle down economics was known in the latter part of the nineteenth century as ‘horse and sparrow economics’. The theory being that if you fed the horse enough oats, some will pass through to...

Notice from HMRC

23rd September 2022
Next quarterly or monthly VAT return must be filed using MTD-compatible software From Tuesday 1 November 2022, businesses will no longer be able to use their existing VAT online account to file their quarterly or monthly VAT returns. Businesses that file annual VAT returns will still be able to use their VAT online account until...

Planning a barn conversion?

14th September 2022
You live on a farm and have decided to convert a barn on part of the land into a self-contained dwelling and live there when it is completed. Building work will be carried out by external contractors. What are the VAT issues that you should be aware of?  Tax expert John Craig explains further. The...

Sharing your company with your unmarried partner

12th September 2022
The rules for sharing income from your company with your spouse or civil partner are well known. But, if you’re not legally joined, is there a tax-efficient way to share your income?  Helen Johnstone looks at this in more detail below. A few years ago, HMRC lost a long running fight to prevent married couples/civil...
Residence nil rate band when no residence

Residence nil rate band when no residence?

9th September 2022
Your father recently died having spent the last two years in care. Last year you sold his home to help pay the nursing home fees. When preparing the inheritance tax forms, are you entitled to claim the residence nil rate band?  Tax Partner Brona MacDougall discusses. The inheritance tax (IHT) residence nil rate band (RNRB)...
rental property tax deductions

Sporting Times?

8th September 2022
During major sporting events such as The Open or Commonwealth Games, many people looked to boost their income by renting property to spectators and so on. So why might these people receive a letter from HMRC? Lauren Herbert advises. A sporting event held over several days is a great opportunity to utilise spare rooms or...