Old VAT concession may save builders

There is a valuable VAT concession for builders who temporarily let out new dwellings, which could save many construction businesses from going over the edge in a recession.Are we on the verge of another slowdown in the housing market? During the last recession in 2008/09, house builders struggled to sell...

Extracting cash after a remortgage

A long post but this is vital to anyone who invests in their own name and is remortgaging their property (the buy, renovate, refinance model).HMRC altered guidance to deny interest reliefHMRC has apparently changed its stance regarding remortgaged let property, denying interest relief on the additional borrowings where the capital...

When is interest receivable taxed

When is interest receivable taxed An interesting question arose today on whether interest is taxable when it is earned or when it is received. It creates a loophole that (so far) HMRC haven’t closed but I question whether it’s right to use the loophole. In a company that has borrowed...

Non-resident taxation on property

Q. I am a non-UK resident but have UK rental income and savings income. Do I need to report this in the UK? A. UK property income will need to be reported in the UK. Any letting agency that manages the property or the tenant that occupies the property has...

VAT Partial Exemption

First Tier Tribunal decision regarding VAT partial exemption – whether VAT incurred on refurbishment of tennis club is recoverable. The Queen’s Club Limited makes exempt supplies of sporting services to its members and taxable supplies of food and drink in its bars and restaurants. The Club renovated its restaurant and...

Beware Tax Planning Models Using LLP’s

Beware Tax Planning Models Using LLP’s Anyone that has heard me speak at events or had a consultation with me, has heard my concerns about the process that is touted of using the stepping stone of an LLP to become a Ltd to avoid the S24 tax effect, but also...