Clive Cass
Annual Tax on Enveloped Dwellings (ATED)
If you are considering incorporating your property business, one of the considerations should be Annual Tax on Enveloped Dwellings...
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FACT SHEETS
Clive Cass
Furnished Holiday Lettings: What do we know now?
Furnished Holiday Lettings: What do we know now? On 18 August 2024, the government published draft legislation that will abolish the...
Clive Cass
Incorporation relief: A case study
The recent uncertainty surrounding the proposed abolition of Furnished Holiday Lettings has led to property landlords considering whether...
Clive Cass
Capital Allowances: Balancing charges
Furnished Holiday Lettings (FHLs) owners are able to claim capital allowances in respect of furniture, fixtures, fittings and integral...
Clive Cass
Higher rates of Stamp Duty Land Tax
Whilst many know that there is an effective 3% stamp duty land tax (SDLT) surcharge for those buying an additional property, the rules...
Clive Cass
HMRC Cracking Down on Undisclosed Property Income
HMRC’s Let Property Campaign aims to give landlords with undisclosed property income a chance to get their tax affairs up to date in a...
Clive Cass
VAT on supplies of land & property
The VAT treatment of supplies of land and property is a complex area and, due to the high values of typical property transactions, it is...
Clive Cass
Long stays in holiday lets
This factsheet considers the impact of allowing longer term lets (more than 28 days) in your holiday property. Furnished holiday lettings...
Clive Cass
Cost Value Reconciliations
For those in the construction sector, calculating the amount of income to report in your accounts in respect of contracts can be a...
Clive Cass
Property transfers between spouses or civil partners
When transferring property, the first tax that springs to mind is capital gains tax (CGT), but stamp duty land tax (SDLT) is another...
Clive Cass
Tax on property jointly held by spouses or civil partners
This factsheet explores the tax implications of property being jointly owned by spouses or those in a civil partnership. Jointly held...
Clive Cass
Beware of Property Tax Avoidance Schemes
A recent HMRC publication and a huge amount of discussion in the tax and property press has brought tax avoidance schemes into the...
Clive Cass
Why you should not buy a holiday let if you intend to stay in it
Holiday lets are a great investment and offer several benefits including Capital Gains Tax relief and capital allowances for furniture...
Clive Cass
VAT on letting holiday accommodation
In a recent case between Sonder Europe Ltd and HMRC, the First Tier Tribunal ruled that supplies of leased apartments that were then let...
Clive Cass
Reporting capital gains tax due on UK property
This factsheet covers capital gains tax (CGT) reporting requirements for both UK residents and non-UK residents who sell land and...
Clive Cass
The Renters (Reform) Bill 2023
After several delays, The Renters Reform Bill was introduced to Parliament on 17 May 2023. A White Paper, published in June 2022, set out...
Clive Cass
Property Strategy: PurchaseLease Options and PurchaseOptions
This is a relatively new strategy for residential property, although it has been used for many years in commercial property and property...
Clive Cass
Making Tax Digital for PropertyLandlords
In this fact sheet, we’ll outline how Making Tax Digital (MTD) for income tax self assessment (ITSA) affects landlords. We’ll also...
Clive Cass
Land remediation relief
Only available to limited companies, Land Remediation Relief provides a corporation tax deduction of 100%, plus an additional deduction...
Clive Cass
Flat management companies & tax
If you own or manage a flat management company, it’s important to be aware of the various tax implications. This fact sheet will...
Clive Cass
Tax-deductible expenses andvacant properties
The ability to deduct expenses incurred by a property business is determined by the status of that business. HMRC typically see a...
Clive Cass
VAT on early termination fees,compensation, and dilapidationpayments
From April 2022, HMRC’s guidance was changed to reflect their new stance on the VAT treatment of early termination fees, compensation,...
Clive Cass
Commonhold vs. leasehold forflats
In this fact sheet, we’ll explore the benefits and drawbacks of both leasehold and commonhold flats so that you can make an informed...
Clive Cass
When to recognise revenue on services provided
Revenue recognition often causes confusion among contractors and subcontractors, but it is essential to get it right to avoid HMRC...
Clive Cass
What’s the difference between cash accounting and traditional accounting?
When you start a new business, you need to make several decisions. One of the most important decisions you’ll make is whether to use the...
Clive Cass
What landlords should know about clause 24
Clause 24, also known as Section 24, is an amendment to the UK’s tax laws that restrict landlords from deducting finance costs from their...
Clive Cass
What is the Construction Industry Scheme (CIS)?
The Construction Industry Scheme (CIS) is a set of rules that apply to contractors and subcontractors who carry out construction work in...
Clive Cass
What are allowable property expenses?
Allowable expenses are business costs that can be deducted from trading income when calculating the business’ profits for tax purposes....
Clive Cass
VAT rules for serviced accommodation
Residential rent is a VAT exempt supply, however, serviced accommodation is treated as holiday accommodation and is subject to VAT. This...
Clive Cass
Should HMO or buy-to-let landlords set up a limited company?
There are several considerations to take into account when deciding whether or not to set up a limited company for your HMO or buy-to-let...
Clive Cass
Rules for CIS contractors
The Construction Industry Scheme (CIS) is an HMRC scheme for workers in the construction sector. Businesses that employ subcontractors...
Clive Cass
Replacement of domestic items relief
Replacement of domestic items (RDI) relief, previously known as The Wear and Tear Allowance, allows residential landlords to claim tax...
Clive Cass
What is Multiple Dwellings Relief (MDR)?
Stamp Duty Land Tax (SDLT) is a tax on the purchase of property in England. Multiple Dwellings Relief (MDR) allows homebuyers to pay less...
Clive Cass
Is it a repair or improvement (revenue or capital expenditure)?
It can often be difficult to distinguish between repairs and improvements, however, it’s extremely important to report them correctly for...
Clive Cass
How to register and set up your Government Gateway account
The Government Gateway is a system in which you can access the majority of government online services, including your tax account. Let’s...
Clive Cass
Business expenses if you don’t charge a market rent
There are several reasons why property owners might decide to charge a rent below market value or even rent for free. It has been common...
Clive Cass
CIS – Are you a property investor or developer?
Most Construction Industry Scheme (CIS) documentation only refers to contractors and subcontractors. However, there are other...
Clive Cass
Can I submit micro-entity accounts?
More than half of all limited companies registered in the UK are considered micro-entities. Micro-entity accounts are becoming...
Clive Cass
How to create a group using share exchange
Share for share exchange is a type of share transaction that allows two companies to reorganise their shareholdings without triggering...
Clive Cass
How does the Rent a Room Scheme work?
With the Rent a Room Scheme, you can earn up to £7,500 per year tax-free from letting out furnished accommodation in your home. Although...
Clive Cass
How to account for construction retentions
When a client withholds part of the payment to be released once work has been fully completed, it is called retention. This is common in...
Clive Cass
How to claim your £1,000 property allowance
Landlords can get up to £1,000 in rental income tax-free every year under the Property Income Allowance. If you own a property with...
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