Property VAT made simple

When you mention tax and the property market, people automatically assume you are talking about SDLT (stamp duty land tax). However, many people are unaware that value-added tax (VAT) is a factor in many property transactions.

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Wilkins SOuthworth

Residential Property Development Tax Update

The Residential Property Development Tax (RPDT) origins can be traced back to the horrific Grenfell Tower fire of 14 June 2017. Issues found with the cladding and the building led to a UK wide review, highlighting many more buildings with similar problems. Consequently, after protracted legal wrangling, the UK government eventually agreed to cover the cost of remediating cladding issues.

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Directors Loan Accounts

The finer details of director’s loan accounts

The subject of Director’s Loan Accounts (DLAs) has recently been in the news with concerns regarding the potential misuse of Bounce Back Loans. In theory, DLAs are relatively straightforward, but they can become quite complicated when you dig a little deeper.

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HMRC Penalty Notice

Company and personal filing deadlines/penalties

There are strict deadlines, whether you are filing your company accounts, corporation, or personal tax return. While there are situations where you can apply for an extension, it is important to be aware of the deadlines and the potential penalties. Repeat offenders may see their options reduced in the future and increased penalty charges.

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Is the IR35 earthquake coming your way?

It is an understatement to suggest that ongoing changes to the IR35 system, including legal challenges, appeals and counter appeals, could be costly for those employing contractors. We are in a rather bizarre situation where the Check Employment Status for Tax (CEST) tool introduced by HMRC is constantly questioned by HMRC.

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