Insights
Our experts provide their insights on the latest industry developments and share tips on accountancy and business matters.
Michael Jamieson
Tax Senior Manager
04 July 2024
Additional Dwelling Supplement (ADS) – Changes effective from 1 April 2024Following an extensive consultation period by Revenue Scotland, new legislation was introduced on 1 April 2024 to alter and, in most instances, improve the Land and Buildings Transaction Tax (“LBTT”) rules in respect of the Additional Dwelling Supplement (ADS).
Jonathan Corsie
Tax Assistant Manager
30 May 2024
VAT and Commercial PropertySome of the highest value transactions that businesses incur are often related to the acquisition or disposal of commercial property.
Laura Ritchie
Tax Senior Manager
13 March 2024
Return deadline approaching for Annual Tax on Enveloped DwellingsRelevant entities that hold residential properties valued in excess of £500,000 at 1 April 2022, will need to take action. 2024/25 ATED returns are due to be submitted to HMRC by 30 April 2024.
Laura Ritchie
Tax Senior Manager
21 February 2023
Deadline approaching for Annual Tax on Enveloped DwellingsIf you’re due to submit an Annual Tax on Enveloped Dwellings (ATED) return, then now is the time to speak to your trusted business adviser at Johnston Carmichael. ATED is a forward-looking tax, which you may need to submit a return for, even if there is no tax to pay. 2023/24 ATED returns are due to HMRC by 30 April 2023 and in line with HMRC’s five-year rebasing policy, this is the first period to use a 1 April 2022 valuation date.
20 April 2022
Continuing HMRC delays cause difficulties with land and property transactionsHigh levels of transaction activity have resulted in greater demand for advice regarding the sale and acquisition of land and property. The VAT implications of transferring land and property assets, particularly around the option to tax, can be challenging and are crucial to consider at an early stage to prevent VAT becoming an obstacle to the completion of deals.
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