Everything landlords need to know about ‘Making tax digital’

  The new system of tax management being introduced by HMRC is aimed at making the process of tax collection easier and more efficient. By using digital devices such as smart phones and computers, small business owners are able to properly itemize their transactions and plan for the tax return at the end of the year. Free compatible apps and software will be made available when the change takes effect from April 2018 and Landlords and small business owners will have to incorporate the new system where they catalogue their invoices and receipts while providing HMRC with quarterly updates to their company financials. The idea will be to try and cut out the vast swathes of physical mail that has to be sent out by HMRC to individual businesses across the country. The move will see a reduction in instances of documents getting lost in the post and reduce the...
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Make a huge tax saving, no win no fee

  The 2015/16 tax year has just closed, if you paid tax, or are going to pay tax in January, make a huge tax saving with Capital Allowances on your property. No Claim, No Fee! Working alongside your accountant. Just Do Property are excited to be working with Exact, our Capital Allowances partner. Click here now to email for more information. They have a... 100% HMRC success record They saved Mr Briggs £165,935 in tax on his building in London. Their experience and longevity in this field makes EXACT the natural choice for your property tax services.  We love that they offer... No claim, no fee! All Commercial properties (Offices / retail / industrial) Serviced Accommodation, B&B's, Hotels Holiday Lets Residential mixed use / Blocks of flats   Why choose them? Transparent - clear free illustrations for you to review with your accountant in your own time, with No claim, no...
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13 Great Tips and Hints for Controlled Conveyancing

Conveyancing quotes come in all forms and give various bits of information. Check thoroughly, especially if your quote appears cheaper than most as those firms are likely to apply charges later which are hidden now and in the end you could pay more than a reasonable quote.
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HMRC Help to Buy Statistics

Here are the Help to Buy latest statistics: October 2013 to December 2014 from the HMRC
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Halifax release their HPI for December 2014

House prices in the last three months of 2014 (October-December) were 0.3% higher than in the previous three months (July-September 2014). This quarterly rate of increase declined for the fifth consecutive month and was the lowest since November 2012 (-0.3%).
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Gross mortgage lending steady in September says CML

There is growing evidence that mortgage lending activity, and the housing market, are sitting on a plateau.
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Taxman wins fight to close property tax loophole

There was an interesting article in the Telegraph today regarding the taxman closing a property tax stamp duty loophole. This ruling is thought to boost future HMRC revenues by £160m. Heres the full article from The Telegraph. A High Court ruling has sided with the taxman over legislation introduced last year which aims to stop wealthy property buyers avoid paying tens of thousands of pounds in stamp duty. Last June the taxman moved to close a loophole on stamp duty land tax (SDLT) avoidance schemes. These schemes enable property buyers to avoid paying stamp duty, typically on homes worth seven figures. Offshore Companies There are various schemes but the most common involves transferring ownership of a property to an offshore company so that when it comes to be sold the buyer purchases the company as a whole. In doing so stamp duty can be cut from 5pc to 0.5pc on...
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Barrister loses DIY tax scheme case

   The following is an article published in the ‘The Law Society Gazette’ on 12 April 2013 by Catherine Baksi. It highlights the fact that spurious tax avoidance schemes are looked at in detail and challenged by HMRC. Fortunately CAPITAL ALLOWANCES do not fall into this category as they are legislated for under the Capital Allowances Act 2001. As EXACT follow all of the HMRC rules and guidance on this tax relief, you can be assured of a successful claim. “A former London tax barrister who designed his own tax avoidance scheme has lost his tribunal appeal against HM Revenue & Customs. He was attempting to avoid paying £190,000 in tax. Rex Bretten QC designed a complex scheme which entailed setting up trusts and investing £500,000 in discounted securities. He claimed his scheme created a loss of £475,000, which he could set against his income. Bretten practised from Tax Chambers at 15...
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New HMRC guidance on Plant and Machinery allowances and professional fees and preliminary costs

    HMRC have issued new guidance for individuals and businesses who, whilst undertaking a building project, incur professional fees and associated costs and need to determine if they can be included in their claim for capital allowances.   Deciding whether these costs can qualify for plant and machinery allowances has always been difficult and until now HMRC have taken the view that “only the part, if any, which relates to services that can properly be regarded as on the provision of plant and machinery can be qualifying expenditure”.   Indeed, in the case J D Wetherspoon plc v HMRC (2007) HMRC maintained that “a trader seeking capital allowances must specifically attribute all expenditure which is capable of attribution, however time-consuming or uneconomic that process may be”.   During the tribunal this view was criticized as this stance would clearly involve the taxpayer having to spend more on attributing preliminaries than...
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Mortgage applications to be checked by HMRC

A new schedule has been launched, The Mortgage Verification Scheme (MVS), in an attempt to combat potential mortgage fraud. The scheme has been set up by the Council of Mortgage Lenders (CML) in conjunction with HM Revenue & Customs (HMRC) and the Building Societies Association. It will allow lenders to check applicants financial details by sending them to HMRC for checking.
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Interview with the Empty Homes Agency

  This is very interesting interview by PS Investor Services. With a UK property market considered to be at one of its relative lowest points for decades, the hunger for investors to build their portfolios is ever-apparent.   One potential acquisition strategy – that is often overlooked due to perceived misconceptions – is to look into properties that have been left empty by previous owners.  Please see an interview below with chief executive David Ireland of the Empty Homes Agency with whom we discussed current levels of empty properties in the UK; the effects of the recession on the situation; the housing deficit; the government’s response; what steps can be taken to investigate an empty home; seeking legal advice; available grants for renovating empty properties; getting advice from local authorities; the organisations’ campaign for council tax relief. 1) Can you explain what the essential role of the Empty Homes Agency is? Empty...
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Budget 2011 predictions regarding Capital Allowances

Thanks to Arthur Kemp, HMO Tax for these predictions on the budget tomorrow.
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Would you like a £40K tax refund?

I blogged a couple of weeks ago about an incentive that the government has introduced to encourage us to buy more property (I like that!).  I recently interviewed the Directors of Global Cashflow, Julie Jackson and Lisa Matterson to find out more about it. (listen to the interview again here). Julie and Lisa explained that only 4% of eligible people have claimed for Capital Allowances. Surely this is like having the winning lottery ticket in your pocket but not claiming it! Does it sound too good to be true? – the government will give you money which is rightfully yours, and you only get charged a fee when you get the rebate– definitely sounds too good to be true! However, we have put some cases through and I wanted to update you on the results so far with a couple of examples: Case 1 Furnished Holiday Let Jointly owned property...
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Free Government Money - claim yours now!

I recently had the pleasure of interviewing Julie Jackson and Lisa Matterson of Global Cashflow.  They recently set up Global Cashflow to help people claim whats rightfully theres. Did you know you can claim capital allowance tax relief  on certain types of property?  It is your right to claim up to £100,000 per year in capital allowances. What I like about this is that if theres no claim theres no fee.  If you do claim, Global Cashflow only charge 5% + VAT of the value of new capital allowances identified.  They will also work with your accountant on this.  Basically the government are giving away free money!  Dont they say theres no such thing as a free lunch - however in this case I think there just might! It also sounds very easy and straightforward! You can listen to the short audio here by pressing the play button. [audio:http://www.justdoproperty.co.uk/wp-content/uploads/2011/01/rec_jaj1967_10_Jan_2011_20_08_21.mp3|titles=rec_jaj1967_10_Jan_2011_20_08_21] 96%...
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