Insights
Our experts provide their insights on the latest industry developments and share tips on accountancy and business matters.
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.
23 March 2022
Spring Statement 2022: Construction and Property IncentivesThere was nothing to get too excited about in the Spring statement, however, there was mention of some positive changes being considered for Capital Allowances, which will be developed further prior to the Autumn Budget in time to replace the super-deduction which runs through to April 2023.
07 April 2021
Budget 2021: FreeportsThe UK Government announced in its Budget on 3 March 2021 that eight new Freeports are to be created in England. Usually located around shipping ports or airports, Freeports, sometimes known as free trade zones, are designated areas where businesses can benefit from more generous tax reliefs, simplified customs procedures and wider Government support.
03 March 2021
Budget 2021: Construction and Property IncentivesDescribed by the Chancellor as “the biggest business tax cut in modern British history”, a super deduction was announced in the Budget allowing companies to cut their tax bill by up to 25p for every £1 they invest in qualifying plant and machinery. This is a positive move from the Government which will position the UK’s Capital Allowances regime as one of the most competitive in the world. Business rates relief for eligible retail, hospitality and leisure properties in England will also continue.
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