Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful.
News & Updates
Welcome to our monthly newswire. We hope you find this newsletter useful. Please contact us if you would like to discuss any matters further.
In our newsletter on 22 December 2016 we explained how the income tax bands for Scottish taxpayers will differ from those applicable to taxpayers in the rest of the UK, from 6 April 2017. However, those tax bands have been revised again.
When you incurs VAT on business expenses in other EU countries, you must not attempt to reclaim that VAT on his UK VAT return. However, if the business meets certain conditions it can reclaim the overseas VAT through HMRC’s VAT online services system. Those conditions for the UK business are:
HMRC has released some examples of common errors made by property owners when they let out their property. Many of these people do not consider themselves landlords as they did not set out to make a profit from their property. You could fall into any one of these situations:
Years ago, tax advisers would say that an active holiday lettings business should qualify for IHT business property relief (BPR), if the owner died whilst running the business. This would allow the value of the holiday accommodation to be covered by the 100% BPR exemption.