On Friday 23rd Sept 2022, the Chancellor, Kwasi Kwarteng, presented a ‘mini budget’ which aims to help people cope with the rising cost of living while promoting a “rate of growth of 2.5%”.
UURBS is an unapproved, unfunded retirement benefit scheme mainly used by company executives & directors, such a scheme if approved receives substantial tax benefits which includes corporation tax deferral, in a recent UKFTT case , AD Bly v HMRC (2021), the UKFTT went with the defendants which in this case were HMRC….
The minimum retirement living standard is based on the Joseph Rowntree Foundation’s Minimum Income Standard and covers a typical retiree’s basic needs plus enough for some social activities, such as a week of holiday in the UK, eating out once a month, but not including running a car.
JMS Accounting commentary on 2021 Autumn Budget. There were high expectations by landlords of further reforms in the budget, and sadly many opportunities to improve the situation for landlords were missed.
On 23rd Sept 2021 HMRC announced that Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) will be introduced a year later than planned, in the tax year beginning in April 2024.
From 6 October 2021, VAT chargeable on Service Accommodation, hotels and travel accommodation in UK has gone up to 12.5% from 5%
This rate will be applicable to 31 March 2022, thereafter the rate will revert to 20%.
The government announced 1.25% increase in national insurance yesterday with effect from 6th April 2022.
Many portfolio landlords are interested to know what is involved in the incorporation process.
This BLOG is the result of shortening many 100s of pages of information into the summary below.
Incorporation via Beneficial Interest transfer is used predominantly in England, Wales & Northern Ireland.
Making tax digital for landlords has been on the cards for some time and now the government has finally come up with the start date for landlords and other property investors to report tax quarterly under the new system. April 6, 2023 is the date when anyone making more than £10,000 a year from property should be ready to start recording and filing online. For landlords, that £10,000 figure refers to rental income. Landlords earning less than £10,000 a year from property income won’t need to set up a digital tax account, and neither will landlords who take lodgers in