Property Taxes update – July 2021

Hillier Hopkins LLP

Chartered Accountants & Tax Advisers

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Covid-19 guidance for residential landlords & tenants
The Government updated its guidance for landlords and tenants on 21 June 2021 in regards to rent, mortgage and possession proceedings. The Coronavirus Act 2020 gave protection to social and private tenants by delaying when landlords can evict tenants if their rent is in arrears. Read full article

Domestic reverse charge
The DRC is now in force and many in the construction industry are feeling the pressure. Our experience is that our clients have had difficulty receiving invoices in the correct format and a general misunderstanding of the rules. Read full article

Residential Property Developer Tax ("RDPT")
Earlier in the year the Government announced a potential new tax on residential property developers. The aim of the tax is to assist the Treasury with remediation works to unsafe cladding. Consultation concludes on 22 July 2021 and further details will be issued in due course. Read full article
Stamp Duty Land Tax ("SDLT") Temporary Rates
The SDLT ‘holiday’ rates for residential property purchases were extended to 30 September 2021, however, new rates apply to purchases which complete between 1 July 2021 – 30 September 2021. Read full article
Conversion of commercial properties
As a direct result of the COVID-19 pandemic a significant number of companies workforces have vacated their offices to work from home. Some business models have been altered to allow working from home to continue once restrictions are lifted. Read full article
Extended loss carry back for businesses
The construction industry is experiencing an increase in costs due to delays caused by COVID and an increase in the price of materials resulting from Brexit. Companies may incur trading losses and a temporary extension to the loss carry back rules has been proposed for corporate and unincorporated businesses. 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