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Archive:June 2021

Please find below all the articles from June 2021.

VAT group registration

Reference is usually made to a VAT-registered business. However, this is not quite correct as it is the person, either real or legal, that is actually registered. For example, where sole trader has a number of different business activities it is not possible to register them separately. Is the sole trader themselves that the VAT number relates to.

In the case of companies, all activities carried out by the company will come under the company’s VAT registration number. However, where there are a number of companies, they will usually…

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Gift aid problems

Most people give to charity in one form or another at some point. This could be by donating unwanted clothes, books, and so on to the local charity shop. They can also be a cash donation via a site like Just Giving, or they may be ongoing payments by direct debit – commonly for qualifying memberships such as the National Trust, or English Heritage etc.

In light of the impact of Covid-19 on finances it is a good idea to review these arrangements now in order to…

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Non-resident SDLT surcharge now in effect

Since 1 April 2021, any non-UK resident purchasing UK residential property are liable to a 2% surcharge where the property is located in England or Northern Ireland, and cost more than £40,000. This applies to both individuals and companies.

The definition of “non-UK resident” for the purposes of the surcharge has a different meaning than for income tax and CGT, both of which are determined by the statutory residence test (SRT). For SDLT purposes, an individual will be non-UK resident if they were not present in the UK for…

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Latest news round up

Finance Bill amendments

Following the Budget in early March, the current Finance Bill was published on 11 March 2021. Since that date, a number of amendments have been made. Of the most significant, the following stand out in particular.

A clause in Schedule 2 that explicitly included furnished holiday lettings in the provisions for the temporary extension to loss relief has been deleted. When the bill was first published, some commentators pointed out that further changes to the law would be required because FHL businesses are not eligible to use…

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