Latest News

Increasing Tax Burden for Landlords

As many landlords will be aware, the government have over a number of years increased the tax burden of property ownership, particularly residential property, and from 6 April 2020 the government will now further reduce the deemed occupation period allowable under Principal Private Residence relief and remove Lettings Relief - which could considerably increase the amount of Capital Gains Tax a landlord will pay.

Entrepreneurs’ relief may be abolished after the general election

There have been quite a few tax surprises in the leading parties’ manifestos ahead of the general election on 12^th December. Not least amongst these is the possible abolition of Entrepreneurs’ relief (ER) by both the Conservative and Labour parties.

Beware of these Inheritance Tax pitfalls

There are many cases where HM Revenue and Customs (HMRC) have argued that part of a farming business is chargeable to Inheritance Tax (IHT). It is dangerous to assume that 100% Agricultural Property Relief (APR) or Business Property Relief (BPR) will apply to every asset in a modern farming business.

The key here is to look at the differences between APR and BPR:

An Inspector Calls - a visit from ‘The VATman’

Back in the dim and distant past I remember leaving school and joining H M Customs and Excise as a trainee VAT officer.  I was appointed to the wilds of South West Scotland and given a plastic brief case with ‘ER’ emblazoned across it to visit VAT registered businesses and check their returns.  Back in those early days there was a deep suspicion and fear around VAT that often translated into a hostile atmosphere during inspections.

Autumn AgriMatters 2019 out now!

Welcome to our quarterly AgriMatters newsletter covering topical issues affecting farmers and the agriculture sector.

Included in this Autumn 201i9 issue is a guest article from Neil Wilson, former Head of Agriculture at HSBC with tips on how to deal with lenders in these challenging times, articles on the potential Inheritance tax changes and tax issues to be aware of if land is subject to Compulsory Purchase; plus guidance on how to understand your cashflow.

Changes to IR35 – how will it Impact the supply chain?

The intended changes to IR35 in the private sector have been a big topic of conversation over the past few months, which we have covered extensively at Armstrong Watson.  Whilst HMRC’s main aim is to combat tax avoidance, the impact on sectors using contractors is expected to be wide-ranging, from the top of the supply chain, down to the bottom, and we will attempt to cover the main aspects here.

Brabners Disbursements VAT case update

The Law Society has updated its guidance on the treatment of disbursements for VAT. VAT Consultant Stephen Ferrie discusses the implications for Law firms.

Don’t forget about Trusts

Graham highlights the ways that trusts can be utilised to solve common financial problems.

Changes to Residential Property Sales

Changes to the way Capital Gains Tax (“CGT”) is collected will impact those with rental properties and second homes from April 2020.

30 day deadline to report residential property CGT

Recently, I’ve highlighted the new 30 day reporting rule for Capital Gains Tax (CGT) which applies to disposals of residential property from 6 April 2020. As we draw closer to the start of this fundamental change in the tax reporting requirements it is important that anyone who may be planning a sale or gift of residential property in the UK from this date is aware of these changes.