This TAXguide provides guidance on the tax issues connected with let property from the point of view of the landlord. It concentrates on residential property and is aimed at practitioners who are advising individuals who have bought property as an investment, rather than commercial property development businesses. Read a summary here, Tax Faculty members can download the full guide.
This guidance provides a summary of key tax rates, allowances and reliefs for 2017/18, 2018/19 and 2019/20.
Business rates are a major tax on business, but might be overlooked by accountants. They are excluded from the tax expense shown in accounts and might not be considered as part of tax planning. Find out more about the current UK business rates regime, including how rates are calculated and why is it hard to know exactly what a business owes.
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
Taxing business properties form an important part of the tax base for many countries, but they are often complex and in an increasingly online world can be irrelevant to an organisation’s turnover. The time has come to overhaul business property tax systems and here ICAEW outlines the options.
Guidance from ICAEW's Tax Faculty for practitioners on the latest developments in practice, policy and legislation related to property tax.
Expert commentary and practical guidance from ICAEW related to capital gains tax in the UK personal tax regime.
Features and articles
27 March: ICAEW has been inundated with queries around how businesses should manage communications with HMRC in light of the new restrictions. The Tax Faculty has put together this update on where HMRC is now accepting digital communications.
27 March 2020: the government has announced details of a business rates holiday for the 2020-21 tax year for eligible retail, hospitality, leisure and nursery businesses
Lindsey Wicks looks at the measures set to apply from April 2020, and raises concerns that some still lack clear guidance from HMRC.
24 March 2020: There are cash grants available for businesses receiving Small Business Rate Relief or Rural Rate Relief.
24 March 2020: there is a business rates holiday for nurseries for the 2020-2021 tax year.
25 March 2020: there is a business rates holiday for the 2020-21 tax year, as well as and cash grants, for retail, hospitality and leisure businesses.
Members in practice, financial advisory, business and all of us in our private lives are impacted by decisions around mortgages. Jatin Patel (JP), Founding Partner in Kinnison Limited, unwraps the property market.
19 March 2020: ICAEW has welcomed the Chancellor’s pledge to provide a £350bn funding boost to help the UK economy weather the debilitating effects of coronavirus and urged accountants to communicate and signpost the measures to business.
Webinars and recordings
PwC's Gillian Banks, Vicky Smallwood from PKF Francis Clark and Frank Haskew, Head of ICAEW Tax Faculty, explain the new rules on capital gains tax (CGT) on residential property.
This free TAXbite explains the rules for rent a room relief and how to apply if you or your client qualifies.
Following on from our popular property taxes webinar in 2016 and 2017 we are running a follow up which will concentrate on let property, looking in particular at the different taxes affecting the buy to let property owners picking up on all the recent changes.
Following on from the popular elementary guide to the taxation of UK trusts, this webinar covers: the inheritance tax regime for relevant property trusts; the impact of the changes to the taxation of dividends; capital gains tax reliefs; and tips on parts of the legislation you may not come across often.
Rishi Sunak delivered his first Budget of 2020 on 11 March. The Tax Faculty provides its summary of all the key tax announcements in this TAXguide.
Finance (No 2) Act 2017 introduced significant changes to the taxation of foreign domiciliaries. TAXguide 08/19 presents questions and draft suggested answers together with comments from HMRC on areas of uncertainty in the statutory provisions covering the extension of inheritance tax to overseas property.
Questions around the tax treatment of someone’s principal private residence (PPR) arise with some frequency and all too often the answer is not as straightforward as might first appear. This guide considers the core rules, the traps and the key items to be aware of to help clients through this area of tax law.
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An overview of taxation of property as it pertains to small businesses in the UK, determined by the Income Tax (Trading and Other Income) Act 2005. This chapter has sections on the basis of assessment, relief for capital expenditure, losses, and furnished holiday lettings (FHLs).
An outline of allowances for small businesses provided under the Capital Allowances Act 2001. This chapter covers business premises renovation allowance, qualifying expenditure, qualifying building, and other relevant matters.
Guide to completing a Self-Assessment tax return for 2017/18, with advice and worked examples covering key aspects of personal taxation in the UK
This chapter shows how a UK taxpayer's property income is calculated, with reference to the Income Tax (Trading and Other Income) Act 2005. It explains how property income is defined, allowable expenditure, capital expenditure, losses, less premiums, and furnished holiday lettings. The calculations are illustrated with examples.
A short note explaining how to calculate lease premiums under property tax.
A short overview of stamp duty land tax (SDLT) payable on UK land transactions, with a brief note on stamp duty reserve tax (SDRT).
Brief chapter introducing the taxation of property income, with subsections on lease premiums, the kinds of expenditures which are tax deductible, relief for certain capital expenditures, loss relief, and furnished holiday lettings.
Guide to the UK tax system for tax practitioners and students.
A response dated 5 September 2019 to a consultation published by HMRC on 11 July 2019.
A response dated 5 September 2019 to a consultation published by HMRC on 11 July 2019.
A response dated 20 May 2019 to a consultation published by HMRC on 1 April 2019.
A response dated 6 May 2019 to a consultation published by HMRC on 11 February 2019.
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
<p>Government portal listing the full range of support measures available for UK businesses with information on how to access financial support packages, who is eligible, when the schemes open and how to apply. These cover the Coronavirus Business Interruption Loan Scheme; business rates holiday and cash grants for retail, hospitality and leisure; small business grant funding; SSP rebate; VAT and income tax deferral. There is additional separate guidance for businesses in <a href="https://www.gov.uk/guidance/coronavirus-covid-19-information-for-individuals-and-businesses-in-scotland">Scotland</a>, <a href="https://www.gov.uk/guidance/coronavirus-covid-19-information-for-individuals-and-businesses-in-wales#businesses">Wales</a> and <a href="https://www.gov.uk/government/news/covid-19-guidance-information-for-ni-businesses-employers">Northern Ireland</a>.</p>
<p>Information on business rate relief, grants, the Interruption Loan Scheme and additional support for small businesses in Wales to help during the disruption caused by COVID-19.</p>
<p>Announcement by the Scottish Government of a package of measures to support businesses, including a full year's 100% non-domestic rates relief for retail, hospitality and tourism companies and grants for small businesses.</p>
<p>Information about measures announced at Budget 2020 to support public services, individuals and businesses through the economic disruption caused by the coronavirus – including additional funding, Statutory Sick Pay changes, and an increase in the Business Rates retail discount for one year.</p>
HMRC hub with links to guidance on filing SDLT returns, tax on specific transactions, stamp duty before December 2003, and exemptions.
HMRC internal manual providing guidance on SDLT, including information on reliefs and exemptions.
Annually updated helpsheet explaining the relief available on the disposal of a private residence. Sections cover who qualifies, CGT for non-residents, Letting Relief, calculating partial relief, residence for a dependent relative, and disposal of a settled property by trustees.
HMRC internal manual providing guidance on private residence relief, including definitions, computation, and division of residence on separation or divorce.
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