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VAT Treatment for Construction, Renovation, and Conversion Projects While construction work typically defaults to the standard VAT rate, certain property construction, renovation, or conversion projects may qualify for preferential VAT treatment. This article focuses on those specific scenarios. It’s important to note that a ‘building’ can refer to an entire structure or just a part […]
On October 30, 2024, Chancellor Rachel Reeves presented her inaugural Autumn Budget 2024, setting ambitious goals to address the projected £22 billion deficit in public finances, restore economic stability, and strengthen public services. This autumn Budget 2024, described as both “bold” and “focused on resilience,” seeks to navigate the UK through challenging economic conditions by balancing fiscal […]
Company Director Imprisoned for Unpaid £220,000 Tax Debt A director from Bury has been sentenced to prison for failing to maintain accounting records and leaving more than £220,000 in unpaid tax. When his company, a limited electrical firm, was liquidated in 2019, he failed to provide current records to the Insolvency Service. As a result, the Official […]
Impact of the Autumn Budget 2024 on CGT & Property Landlords On October 30, 2024, Chancellor Rachel Reeves presented the Autumn Budget, introducing significant amendments to the Capital Gains Tax (CGT) framework, including adjustments to Business Asset Disposal Relief (BADR). These changes aim to enhance tax revenues and address economic challenges. Understanding Capital […]
Welcome to the latest edition of Business & Tax news and developments round up presented by Naail & Co. HMRC Call Response Issues in August In August, 2.4 million calls were made to HMRC, with 1.7 million requesting assistance from an adviser. However, fewer than 75% of these callers were able to speak to an adviser, leaving over 426,000 taxpayers without support. […]
