Category: Tax

More details have emerged on upcoming changes to the UK’s research and development (R&D) regime, which will take effect from April 2023.  The Treasury published a report on R&D following last year’s Autumn Budget, in which Chancellor Rishi Sunak announced several new measures. “If we want greater private-sector innovation, we need to make our R&D … Continued

Almost a quarter of landlords plan to sell up over the next 12 months as buy-to-let becomes increasingly difficult to navigate, a report has claimed. Research from the National Residential Landlords Association (NRLA) found that 23% of property investors intend to dispose of an additional residential property this year. Buy-to-let landlords said tougher tax rules, … Continued

HMRC is reminding taxpayers that the deadline to submit 2020/21 personal tax returns through self-assessment is on or before midnight on 31 January 2022. Some 407,510 startups were created during the 2020/21 tax year, despite the challenges presented by the pandemic. Those who are unincorporated require a unique taxpayer (UTR) code to file their first … Continued

Buy-to-let landlords and second homeowners have twice the amount of time to report and pay capital gains tax after selling a residential property in the UK. The deadline to report and pay capital gains tax after completing the sale of additional UK residential property is now 60 days – up from 30 days. The change … Continued

A new levy on large residential property developers’ profits intends to raise around £2 billion over the next 10 years, starting from next spring.  The ‘cladding tax’ will be a 4% tax on developers with company profits of £25 million or more from residential development, although student and build-to-rent developments are exempt. It expects to … Continued

The temporary increase to the annual investment allowance has been extended by 15 months, just eight weeks before it was due to expire.  The allowance offers 100% tax relief on qualifying plant and machinery up to a specified annual limit. In 2019, the allowance was increased from £200,000 to £1 million – a rise that … Continued

VAT for pubs, restaurants, holiday accommodation and entry to certain attractions increased from 5% to 12.5% last month, following the end of a tax break. A temporary cut first introduced on 8 July 2020 saw the standard rate of VAT for struggling businesses in the hospitality and tourism sectors fall from 20% to 5%. That … Continued

National Insurance contributions (NICs) and the three dividend tax rates will all increase 1.25% from April 2022 to pay for the social care system in England.  This social care package will be funded through a new UK-wide health and social care levy, which is expected to raise around £12 billion a year. The levy will … Continued

Millions of trustees need to register details of their trusts before next autumn, following the launch of a new trust registration service.  The service was originally announced in draft form in 2017, at a time when it would only have applied to taxable-relevant trusts. Since then it has been expanded to include all UK-resident express … Continued

The stamp duty land tax holiday in England and Northern Ireland has come to an end, more than 14 months after it first came into effect.  The tax break saw most buyers who purchased residential homes for £500,000 or less pay no stamp duty land tax until 30 June 2021, although landlords still had to … Continued