Feb 16 2024 Construction Industry Scheme (CIS) changes from 6 April 2024 Categories: Property & ConstructionTaxation The CIS requires many businesses carrying out construction work to deduct tax (at either 20% or 30%) before paying subcontractors unless the supplier has gross payment status (GPS), which HMRC will grant to subcontractors who show a good record of tax compliance. From 6 April 2024, VAT obligations are added to the statutory compliance test more
Dec 18 2023 New online service for VAT DIY Housebuilder claim Categories: Property & ConstructionTaxation HMRC have launched a new online service which allows DIY housebuilders the ability to recover VAT incurred on their build. This should hopefully speed up the VAT reclaim process. Previously the claims had to be done manually and involved sending paperwork by post to HMRC. For some background information, the DIY Housebuilder scheme tries to more
Aug 17 2023 Gross payment status under the CIS Categories: Property & Construction Gross payment status is a desirable goal for subcontractors operating under the Construction Industry Scheme (CIS) as it allows them to receive income without tax deductions. It can also improve your cash flow and business standing as a reputable contractor. To qualify for gross payment status, contractors must apply to HMRC and show they meet more
Jun 13 2023 Supporting our clients, Crosbie Matthew, to invest in their business Categories: Property & ConstructionTaxation Our Glenrothes team have been working with Crosbie Matthew Funeral Directors Ltd, one of Fife’s longest established family firms, for nearly 15 years. We work closely with the team, acting as a sounding board and providing our advice on many matters above standard compliance and recently helped them in the planning process of their recent more
Apr 11 2023 Helping Surface Heating Systems Ltd find the right solution for their business Categories: EQ NewsProperty & Construction A vendor-initiated management buyout (VIMBO) can be an effective way for business owners to release some value from their business and put a robust succession plan in place. We recently supported one of our clients, Surface Heating Systems Ltd (SHS), with a VIMBO. Founded in 1997 by directors Mick & Helen Cummings and Andrea Blyth, more
Mar 22 2023 Changes to the Option to Tax notification process Categories: Property & ConstructionTaxation The Option to Tax (OTT) allows a business to charge VAT on the sale or rental of commercial property. This effectively turns an exempt supply, on which you cannot recover any VAT, into a taxable supply subject to the normal rules. The attraction of the OTT is that it allows you to recover VAT on more
Nov 22 2022 Are you missing out on applying the 5% Reduced Rate for VAT? Categories: Property & Construction To incentivise the improvement and regeneration of existing buildings, HMRC offer a reduced rate of 5% VAT. However, opting to apply the reduced rate is not common as some companies and advisers aren’t familiar with the VAT rules and prefer to stick with zero rated and standard rated (20%). This comes down to a lack more
Sep 22 2022 Recovering VAT from Residential Property Refurbishments Categories: Property & ConstructionTaxation In most cases, VAT incurred on the refurbishment of residential property is not recoverable. However, there are some instances where it may be possible to reclaim some of the VAT. In this article, we will look at residential properties that are purchased, renovated and then either let out or sold. Generally, property costs for maintaining, more