Angela Rayner’s SDLT mistake shows how easily property tax can go wrong
Written by Tax Partner, Michaela Lamb It is hard to get away from the news that Angela Rayner, the Deputy Prime Minister has been found to have underpaid Stamp Duty Land Tax (SDLT) when purchasing her current home. Based on her statements to the public this week the confusion – or error – has […]
HMRC is on the hunt: Are you trading or investing in property?
Written by Tax Partner, Thomas Adcock Property sales are coming under increased scrutiny from HMRC. Over the last few decades, investors have taken advantage of opportunities to buy up dilapidated properties, refurbish or develop and then sell on for what can be a significant profit. HMRC has got wise to this practice and has […]
Are the latest property tax proposals unworkable?
Written by Tax Partner, Thomas Adcock The government is reported to be considering sweeping reforms to property taxation. None of these ideas were in the party’s manifesto, so there is no electoral mandate for such wide-ranging change. Proposals include replacing stamp duty with a new property tax on sales above a certain threshold and introducing […]
Understanding the Let Property Campaign for undeclared rental income
Written by Tax Partner, Dion Laycock If you’ve earned income from letting property and haven’t declared it to HMRC, now is the time to act. Coming forward voluntarily through the Let Property Campaign could save you significant penalties and provide certainty about your tax position. There’s a growing need for landlords to regularise their […]
What to do if you’ve received a letter about ATED
03/03/2025 Written by Tax Partner, Nikhil Oza If you’ve received a letter from HMRC about the Annual Tax on Enveloped Dwellings (ATED), you might be wondering what it means and what action you need to take. ATED applies to companies, partnerships with corporate members, and certain collective investment schemes that own UK residential property worth […]
Stamp Duty Land Tax (SDLT): Where are we now?
03/02/2025 The higher rates of SDLT relating to the purchase of second homes and rental properties were increased from 3% to 5% from 31st October 2024. Table of Contents Normal mainstream SDLT rates re purchasing residential property from 31st October 2024 Property Cost SDLT Rate Up to £250,000 Zero £250,001 to £925,000 5% £925,001 to […]
The role of audits in the property sector
22/01/2025 The property sector operates within a highly complex and regulated environment. With large financial transactions, intricate ownership structures, and stringent compliance requirements, audits play a critical role in maintaining transparency, ensuring accuracy, and fostering trust among stakeholders. Here, our audit team explores the significance of audits for the property industry and highlights how they […]
Interest Restrictions for Private Landlords
Written by Tax Partner, Michaela Lamb Although the amount of mortgage interest relief available to non-corporate landlords on residential property has been restricted since 2017 (firstly with a 3-year phased-in period, then fully since 6 April 2020), many landlords are reaching the end of low-interest rate fixed deals, and previously excluded Furnished Holiday Let (FHL) […]
Abolition of Furnished Holiday Lettings (FHL) Tax Regime
Written by Tax Partner, Michaela Lamb In the Chancellors’ Autumn Budget in October 2024, a number of publications were released setting out changes which will be brought into force on 5th April 2025. The previous Government had already announced that the Furnished Holiday Lettings (FHL) rules would be abolished, but surprisingly the measure was […]
Webinar recording: MBOs, MBIs & EOTs: The benefits, pitfalls and choosing the right route to succession
Choosing the right succession planning route is an area that all business owners think about regularly, throughout the business lifecycle; it is never too early, but can sometimes be too late to plan for exit efficiently. In reality, it’s not just business owners and board members who lie awake at night considering the options, it’s […]