If you have a number of properties and the portfolio is run as a business this may well be a sound idea, however, a 3% Annual Tax on Enveloped Dwellings (ATED) will be charged in addition to the usual tax on profits in certain circumstances.
As employers now have a duty to make pension contributions for their employees it may be worth employees considering salary sacrifice to make their contributions to the pension.
The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017.
His report set out a number of actions the government will take including support for more housebuilding. His view is that the economy continues to grow and continues to create more jobs.The major attention-grabber was aimed at first time buyers who will not have to pay Stamp Duty Land Tax on homes costing up to £300,000.
Read the latest issue of our Pay Less Tax Newsletter – Autumn 2017 Edition
HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2017.
The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2017, are due for submission to HMRC by 6 July 2017.
Read the latest issue of our Pay Less Tax Newsletter 2016 / 17 Winter Edition
‘Making Tax Digital’ (MTD) is a government initiative that sets out a vision for ‘a transformed tax system and the end of the tax return’ by 2020. Under the MTD scheme, HMRC is aiming to create a single ‘digital account’ for each taxpayer in order to unify their different taxes and make it easier for them to manage their tax affairs. Taxpayers will be able to log into their digital account in order to view all payments made and offset overpayments from one tax against underpayments in others.
From 6 April 2017, contractors must use an approved method of electronic communication to verify their subcontractors. HMRC will only accept verification via teh free HMRC CIS online service, or commercial CIS software.