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If I sell my garden will I end up paying tax?

If I sell my garden will I end up paying tax?
Learn about the tax implications of selling or developing your garden. With demand for housing on the increase some home owners are selling their garden for development in order to cash in on their property - but will they get stung for tax in the process - read on to find out!
Before you decide to sell your garden or take the decision to develop it yourself you need to assess the taxation implications before making a decision. There are two taxes, income tax and capital gains tax that may come into play.

If the landowner chooses to develop the land, then H.M. Revenue & Customs are likely to consider this as a trade even if the developed area had previously been part of the garden. When the development starts, the building plot will convert from capital to stock at its market value.
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Coronavirus support claims

Coronavirus support claims

Beware if your Coronavirus support claims do not stand up to scrutiny!

 

Learn about new developments regarding H.M. Revenue & Customs examination of Coronavirus claims We will explain how H.M. Revenue & Customs are cranking up their examination of suspect Coronavirus support claims and what you can do to avoid a nasty shock.
 

We have managed to obtain details of the number of enquiries which have been opened up by H.M. Revenue & Customs up to 31 March 2021, regarding the Coronavirus Job Retention Scheme and the Self Employed Income Support Scheme.
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Furnished Holiday Lettings

Furnished Holiday Lettings
Save tax by the seaside!
Learn about the tax benefits of investing in furnished holiday let properties. In this blog you will learn about the tax breaks that go with owning furnished holiday lets and the rules that you have to follow in order to qualify for the reliefs.
 
In order for properties to qualify as furnished holiday lets, they must be held in the UK or the EEA. If you own several UK Holiday let properties, then they are all classified as one business.
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Furnished Holiday Lets (FHL) HMRC Enquiry Risks

Furnished Holiday Lets (FHL) HMRC Enquiry Risks
The history behind a HMRC enquiry – business rates and Covid-19 Grants
  • FHL can opt to pay business rates as opposed to council tax.
  • In 80% of the UK the business rates are less than the council tax.
  • If the FHL owner has previously paid council tax and the FHL business rates criteria would have applied in the past, a backdated refund could be claimed.
  • Small Business Rates Relief (SBRR) could be claimed which may reduce the business rates to nil or reduce the amount to be paid. The SBRR varies depending upon which part of the UK the property is situated.
  • FHL owners may have been entitled to UK/local Covid-19 grants which are usually linked to the rateable value of the property.
  • Note - the business rates eligibility criteria differs from the FHL income tax/capital gains tax rules.
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    Self-Employed Income Support Scheme (SEISS) 4th Grant Claim

    Self-Employed Income Support Scheme (SEISS) 4th Grant Claim
    What period does the 4th grant cover?
  • February 2021 to April 2021 inclusive.
  • When can the 4th grant claim be made?
  • If you are eligible, HMRC should contact you around mid-April 2021 to provide you with a date from which you can make the claim through the Gov.UK online portal.
  • The final deadline for making the claim will be 31st May 2021.
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