Property Taxes update – December 2021

Hillier Hopkins LLP

Chartered Accountants & Tax Advisers

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Christmas Property Taxes update

As we approach the festive period, there are some important updates that you should be aware of ahead of the new year. As always, we are here to help if you need it. Just get in touch on the contact details below. We wish you all a Merry Christmas and a Happy New Year.

Capital gains tax self-assessment deadline extended
From 6 April 2020, Capital Gains Tax must be reported and paid for the sale of UK residential property within 30 days of completion. Read full article
SDLT: Excess land debate - Woodland is residential
HMRC’s guidance classifies forests as non-residential land. We take a look at a recent dispute in our article below. Read full article
SDLT: HMRC challenging reliefs
HMRC are seeing win after win in the courts when challenging the application of Multiple Dwellings Relief (“MDR”) claims. The recent decisions have highlighted the extent to which HMRC is actively enquiring into relief claims and the characteristics that must be present. Read full article
VAT: MTD mandatory from March 2022
Under Making Tax Digital (MTD), businesses must keep digital records and use third-party software to submit tax returns to HMRC. Businesses with taxable income over the VAT registration threshold, currently £85,000, should be reporting their returns under this method. Read full article

Assistance

Navigating around the different taxes can be a difficult task. If you would like to discuss your current situation or find out more information about one of the topics mentioned above, please contact one of our team who will be happy to assist you.

Do you need extra information?
Natasha Heron

Natasha is a member of the ICAEW as a qualified auditor and the Chartered Institute of Taxation, specialising in indirect taxes. Natasha has developed a specialism as an adviser on the Stamp Duty Land Tax implications of property transactions.

Contact Natasha at Natasha.Heron@hhllp.co.uk or on 01923 634460