This week the Department for Education (DfE) announced that schools in England would receive an extra £940m to fund increased Teachers’ Pensions contributions in 2019/20. This will come as a welcome boost for schools who have been left in uncertainty when producing Budgets and Forecasts for the coming years.
With the April deadline now passed, all property businesses that file VAT returns have no choice but to file those returns online and through dedicated accountancy software. And with the first VAT returns likely to be prepared in May, there is little time left to prepare.
There are 2.55 million VAT registered businesses with a turnover exceeding the £85,000 VAT threshold, most of which will be required to file VAT returns through Making Tax Digital compliant software and not via the current HMRC portal.
In our last article we considered the practical aspects of preparing a business for sale. Here we look at the tax reliefs available on sale and how property developers can inadvertently lose out.
Entrepreneurs’ Relief is a Capital Gains Tax relief potentially allowing up to £10m of gains to be taxed at a rate of 10%.
When looking at the disposal of shares in a company, one of the requirements of the relief is that the shares being disposed of are in a ‘personal’ trading company. This generally rules out listed companies, although not those listed on AIM.
Every business owner will at some point ask themselves whether or not to sell the business they will have worked hard to build. It might be nearing retirement, a well-timed approach from a competitor or simply the desire for a new adventure, but whatever the reason there are a few things residential developers need to keep in mind, as Darren Hurdle explains.
The best time to sell a business is when it can achieve the highest price, and that is usually driven by a successful trading record, increasing profits and the potential for future growth. It is a process that ideally should not be rushed, starting two to three years before the preferred exit.
Are you paying more Tax and National Insurance than you should be? Could your take home cash be increased by considering alternative remuneration? Could you increase your total household income by utilising allowances?
The following article is based on draft legislation and at the time of writing final legislation had not been published.
SBA is available for costs incurred on the conversion or renovation of new commercial structures and buildings used for qualifying activities where the construction contract for works was entered into on or after 29 October 2018.
The Department for Digital, Culture, Media and Sport (DCMS) has released statistics showing a reduction in the percentage of businesses suffering a cyber breach or attack in the last year. The 2019 Cyber Security Breaches Survey shows 32% of businesses identified a cyber security attack in the last 12 months – a decrease from 43% in the previous year.
Larger Homes Limited was set-up by Anne and Jon to start a property rental business. They identified that the possible yield on residential lets in areas around Stansted Airport would be significantly higher; where they looked to rent individual rooms to staff that worked at the airport compared to properties let to individual families, on a 6-month tenancy.
Property taxes within the UK have seen several changes over the years. Whether this is Income Tax for residential property landlords, as a restriction to interest relief or changes to wear and tear allowance, Stamp Duty Land Tax (“SDLT”) for acquisitions of residential property by individuals and corporate entities or Capital Gains Tax (“CGT”). This overview summarises the recent CGT changes and those that have been pre-announced for the forthcoming years.