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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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Corporate Super Deduction

Corporate Super Deduction
What is it?
  • It is a 130% first year allowance deduction for expenditure incurred in purchasing plant & machinery that would normally qualify for a main rate writing down allowance of 18%.
 
When can you claim it?
  • You can claim it for expenditure incurred on or after 1st April 2021 up to and including 31st March 2023.
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Pre Year End Tax Planning

Pre Year End Tax Planning
With the tax year coming to a close in a month’s time, the time is now to take control of your taxes through effective and Bona fide planning.
 
Unfortunately too many people address tax planning when it is too late. So when is too late? 
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