05 July 2019
As of June 2019, the Government introduced a draft statutory instrument for the Structures and Buildings Allowance (SBA). The SBA is intended to encourage investment in the construction of new structures and buildings for commercial use.
18 May 2019
RSM is not immune to the general public excitement about a new royal baby, but aside from speculating about gender, names and birthing methods, our minds have turned towards thinking about the tax status of the new seventh in line to the throne.
24 April 2019
In March 2013, HMRC published a policy paper on offshore tax evasion, entitled ‘No safe havens’. The world today looks very different to 2013 and HMRC has published its updated policy accordingly, imaginatively rebranded as ‘No Safe Havens 2019’.
24 April 2019
A consultation document was released on 1 April with the Government’s proposed changes to private residence relief (PRR) following announcements in the 2018 Budget. The changes affect periods during which a home owner was not living in the property, reducing the amount of tax relief currently available.
09 March 2019
HMRC estimates that up to 50,000 individuals will become liable to pay income tax and National Insurance contributions on 5 April 2019 on outstanding loans related to employee and contractor ‘loan schemes’, involving employee benefit trusts and similar arrangements.
09 March 2019
At its height in December 2017, bitcoin reached a value of over $19,000, only to then fall in value within a couple of months to under $7,400. At the time of writing, bitcoin is trading at a value of around $3,700. Given this volatility, many people have made substantial gains on cryptocurrencies such as bitcoin, while others have made significant losses.
06 March 2019
The government has issued a consultation paper on their proposals to charge an extra 1 per cent stamp duty land tax (SDLT) for non-resident purchasers of residential property.
30 November 2018
In recent years, property owners have seen quite a range of new taxes and tax rises, mainly aimed at residential property ownership. These have included stamp duty land tax rises, the introduction of the annual tax on enveloped dwellings (ATED) aimed at residential property held via companies, capital gains tax for non-UK resident owners and inheritance tax charges where property is held via an overseas company. Next year sees the introduction of a swathe of new taxes, and this time it's commercial property that's in the Chancellor's sights.
The two largest expenses of a buy to let business are capital expenditure and the interest deduction. At RSM we can advise you on the most tax efficient arrangements to help you finance and structure the purchase of a property and help you evaluate your existing portfolio.
Structuring the acquisition of residential property used to be relatively simple, however, this has changed over the last few years. Discover why it is essential to review your tax position in advance of the changes. Our RSM experts can help you protect your wealth when acquiring property.