Why should I form a Limited Liability Partnership?
As the term suggests, an LLP is a type of partnership where the liability of each member is limited. In this case, to the investment/obligations made by each member.
Residential Property Developer 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.
The Making Tax Digital revolution has begun
While Rishi Sunak, the Chancellor of the Exchequer, recently announced a one-year delay in the introduction of Making Tax Digital (MTD), the revolution has already begun.
HMO Tax Conditionality test on the horizon?
The UK government recently announced plans to crackdown on tax avoidance, referred to as tax conditionality, in what is often described as the "hidden economy". In a straightforward yet highly effective move, various licence applications will now be considered with proof that the parties have completed a tax check with HMRC.
HMRC property discovery powers
Individuals and companies that pay taxes in the UK could potentially find themselves under investigation by HMRC. If you do find yourself under investigation, there is no need to panic.…
Why is the Moyne Ramsay ruling so important?
Moyne Ramsay v HMRCThe tax case involving Moyne Ramsay v HMRC broke new grounds concerning property investment, landlord activities and S162 incorporation relief. In simple terms, Elizabeth Moyne Ramsay and…
Capital gains tax on guest houses
At first glance, many people would consider the capital gains tax calculation on a guesthouse sale as reasonably straightforward. You need to consider the cost of the property, cost of…
Property Aide Memoire
ATED (Annual Tax on Enveloped Dwellings) This is an annual tax payable by companies that own UK residential property valued at more than £500,000. The property needs to be valued…