Property tax was well-covered in October’s Budget, with headline-grabbers including; the reduction of the final period of deemed residency for those not occupying their principal residence prior to its sale from 18 months down to nine months, and changes to lettings relief so that it only applies in circumstances where the owner of the property is in shared occupancy with the tenant.
Or perhaps I ought to advise you, do be Scilly? At least in the sense of Mrs Graham who died in 2012 owning Carnwethers, an enlarged farmhouse on one of the islands with four incorporated or adjoining self contained flats over which HMRC and her executors have been arguing ever since.
The National Audit Office (NAO) has recently issued a report entitled ‘Investigation into the BBC’s engagement with personal service companies’, which looks at off-payroll working at the BBC.
There are two major changes to the VAT system on the way – both around April fools day
At this time of year we remind employers that the cost of parties and staff functions are not taxed on employees as a “benefit” if the amount is less than £150 per attendee. In most cases it is clear whether or not the cost is within, or over those limits. The limit is a cliff-edge; if the cost is £151 each, the full amount is taxable.
With the prolonged uncertainty of Brexit continuing on the horizon and with no sign of clarity any time soon, what a business owner craves the most is certitude so that they can make informed decisions for the current and future benefit of themselves and their employees.
There is rarely a month that goes by now without another press article of one of the major technology companies not paying their fair share of tax in a specific country.
During the Budget, the Entrepreneurs’ Relief (ER) rules were tightened by an extension of the ‘5% rule’.
Unlike those people whose estates it potentially affects, the proposal has made it back from the dead having been re-tabled on 5 November 2018.
On 29 October 2018 Philip Hammond delivered his latest body blow to the UK’s buy to let industry, seemingly aimed at the smaller scale end of that industry.