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.
Expert commentary and practical guidance from ICAEW related to capital gains tax in the UK personal tax regime.
Features and articles
Sue Moore and Simon Denton review the latest guides for tax advisers – Tax Advisers’ Guide to Trusts, Sixth Edition by Nigel Eastaway OBE, Jacquelyn Kimber and Ian Richards; and Furnished Holiday Lettings – A Tax Guide, 4th Edition by John Endacott, respectively.
14 July: Land transaction taxes on housing purchases will reduce in Wales from 27 July 2020 until 31 March 2021 plus there is to be a £30m boost for Social Housing.
21 July: The government publishes a selection of draft clauses together with consultations trailed at the Spring Budget. ICAEW’s Tax Faculty provides a roundup of the key tax developments.
20 July: Under new rules capital gains tax (CGT) on disposals of UK residential property must be reported by 31 July to avoid a penalty, reminds ICAEW’s Tax Faculty.
15 July: Following the Summer Statement announcement of the increase to the stamp duty land tax nil rate band, Wales has announced an increase in its nil rate band for residential property to £250,000 effective from 27 July.
13 July: Following the Summer Statement announcement of the increase to the stamp duty land tax nil rate band, Scotland has announced an increase in its nil rate band for residential property to £250,000 effective from 15 July.
8 July: No SDLT on houses up to £500,000 in England and Northern Ireland, VAT cut to 5% to support hospitality and a £1,000 bonus for retaining furloughed employees were the headline tax changes in the Chancellor’s Summer Statement
8 July 2020: The Chancellor has cut stamp duty land tax (SDLT) to encourage confidence in the residential property market following the coronavirus lockdown.
Webinars and recordings
Aimed at UK GAAP reporters, this webcast outlines accounting considerations for a range of support schemes being made available to businesses during the pandemic.
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.
Non-domiciliary announcements made at summer budget 2015
Finance Act 2015 Changes to entrepreneurs' relief
Capital taxes liaison group minutes
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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 10 August 2020 to a consultation published by OTS on 14 July 2020.
A response dated 26 June 2020 to supplementary questions added to a consultation published by the Treasury Committee on 20 March 2020.
A response dated 30 April 2020 to a consultation published by the Business, Energy and Industrial Strategy Committee on 13 March 2020.
A briefing to MPs dated 20 April 2020 on Finance Bill 2019-21 published by government on 19 March 2020.
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 hub collecting together essential information from Business Wales on financial support and grants, business rates, support for the self-employed, sector-specific advice, and support for employees.</p>
<p>If you want clarity on what has been announced so far and what are the common questions being raised, we will look to explore these with regards to grants, loans, employees and self-employed. This webinar covers who is eligible for the Job Retention Scheme; how business rates holidays and cash grant schemes will work; how businesses can borrow from the Business Interruption Loan Scheme;and what ICAEW Chartered Accountants can do now.</p>
<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>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.
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