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Stamp Duty Land Tax - Extension of temporary nil rate tax band for residential properties
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As widely anticipated, the Budget confirmed that the temporary increase in the amount that a purchaser can pay for residential property before they pay Stamp Duty Land Tax (SDLT), which was originally due to end on 31 March 2021, has been extended to 30 June 2021. This applies to transactions in England and Northern Ireland.
Spring Budget 2021 - So what did we learn?
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As the Chancellor stood up to speak it felt as though all the headline announcements had been leaked beforehand. However, he lived up to his previous statements that he would be honest with the public about where the country is, having faced the biggest economic crisis outside or wartime.
Reverse charge VAT for construction: how to implement it in accounting software
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New VAT rules introduced on 1 March 2021 will affect an estimated 150,000 businesses in the construction industry.
Businesses that fall under this new regime will need to make practical changes to their accounting processes.
What is later life financial planning?
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Thomas Westcott Chartered Financial Planners are authorised and accredited to advise on later life financial planning matters.
This work often centres around care fees and the cost of care for someone later in life.
Could entering a Countryside Stewardship Scheme help your business prepare for ELMS?
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As we are entering the transition period from Basic Payment Scheme (BPS) to the Environmental Land Management Scheme (ELMS), part of this transition will see the current Countryside Stewardship Scheme being replaced by ELMS from 2024. Entering a stewardship scheme can help prepare and position your business well for the future of subsidies.
Will the Spring Budget hold any surprises?
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With around three weeks to go until the Chancellor stands up to present what will be his second Spring Budget, what can we expect him to say? There has been much debate over what he should do or what he might do, however, what we can say is only the Chancellor currently knows.
Thomas Westcott supports the region’s recovery by sponsoring Exeter Works
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Thomas Westcott Chartered Accountants is supporting an initiative that is helping people in and around Exeter find work and start new businesses. The South West accountancy firm is sponsoring Exeter Works, which provides support for individuals seeking to change career or start a business and guides businesses through new challenges.
Have you considered changing the way your joint rental profits are assessed?
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Most of us are aware that purchases of residential property until 31 March 2021 benefits from the temporary 0% Stamp Duty Land Tax (SDLT) applicable on purchases up to £500,000.
Five steps towards achieving net carbon zero
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Achieving net carbon zero by 2050 is a reality we are all facing. Although it’s an ambitious target, it’s something that businesses should be taking steps towards.
When is a dilapidation receipt classed as a capital receipt? Answer - when it’s not revenue!
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With many businesses currently rethinking their plans regarding their office and premise requirements, there has been an exodus of tenants breaking leases and leaving landlords finding themselves with empty properties.
