When buying a commercial building, the price may include VAT if the vendor has opted to tax the property. If the buyer is VAT registered and will be using the building wholly for the purposes of the trade it will be able to reclaim this input tax. However, this can mean that a large amount of money needs to be lodged with HMRC temporarily, which can affect working capital in the short term. In addition, the claim for input tax could be restricted if the business is partially…Read More
Please find below all the articles from October 2021.
Eight new Freeports were announced earlier this year, with each offering operators within the sites a number of tax incentives. The sites are:
– East Midlands Airport
– Felixstowe & Harwich
– Humber Region
– Liverpool City Region
– Plymouth & South Devon
A Freeport requires a primary customs site located near an air, sea or rail port. A number of special customs rules apply within the zones, including duty deferral, inversion,…Read More
A qualifying furnished holiday let (FHL) enjoys a number of favourable tax breaks – including business asset disposal relief, and the ability to claim capital allowances and rollover relief – when compared with non-qualifying properties.
FHL status is subject to occupancy conditions. The main two rules are that the property must be available for occupation as furnished holiday accommodation letting for at least 210 days in the year, and that it must actually be let commercially as furnished holiday accommodation to the public for at least 105…Read More
Health and Social Care Levy
Rumours of an imminent rise in NI rates started to circulate at the beginning of September, and were confirmed on 7 September with the publication of the government policy paper Build Back Better: Our Plan for Health and Social Care. The increase will initially take the form of a 1.25% increase on certain classes of National Insurance from April 2022, before becoming a separate ring-fenced charge from April 2023. The affected classes are:
– Primary and secondary Class 1