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Business property relief: IHT exemptions for business activity

Business property relief

Written by Tax Partner, Parminder Chattha Inheritance Tax (IHT) is chargeable on the value of an estate when someone dies, although it could also be chargeable on certain lifetime transfers, as well on property held within a relevant property trust. The rate of tax is 40% above a certain exempt amount, and there are various […]

VAT option to tax: Increased risks on property transactions

HMRC advisory fuel rates

From 1 February 2023, HMRC is reducing its option to tax service which will increase risks for taxpayers, their solicitors and agents when dealing with property transactions, especially when trying to achieve a VAT-free Transfer of a Going Concern (TOGC). Previously, HMRC have provided acknowledgement letters to taxpayers and their agents when an option to […]

What are my tax obligations as an Airbnb host?

What’s my Airbnb’s tax liability to HMRC? Much like landlords who rent to tenants, Airbnb hosts also have to declare their income to HMRC, depending on the amount of money they receive from their property.  In 2020, Airbnb shared income data from 225,000 UK hosts with HMRC, meaning an increasing number of people had their earnings […]

Five things to consider when forming a property syndicate

Although the property market in the UK has seen a downturn in recent years, putting money into property can still be a good choice for those wanting to invest or generate an income.   Property syndicates involve a group of investors combining their funds to make a joint investment in commercial or residential property. Here, […]

Overseas companies owning UK property (Real Estate)

UK property

The UK Register of Overseas Entities was launched on 1st August 2022.   This requires overseas companies owning UK property or a trust that owns UK real estate to register with Companies House.   The Register has been created under section 3 of the Economic Crime (Transparency and Enforcement) Act 2022. This requires an overseas […]

Reverse charge on construction services: Frequently asked questions

reverse charge

These FAQs supplement our article on Reverse Charge for Domestic Construction Services that we previously published on our website. That article explains the basic rules and is not superseded by this list of FAQs.   1. How does the reverse charge work? If you supply services within the reverse charge, you do not add VAT to […]

Overseas companies owning UK property: Beware of the corporate interest restriction

Written by Tax Partner, Thomas Adcock Thomas Adcock, Tax Partner at Gravita, explains why UK property groups need to be aware of the corporate interest restriction as well as potentially avenue of relief in the form of the public interest exemption.   This restriction was introduced in response to the OECD’s BEPS (Base Erosion and […]

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Gravita is a trading name of: Gravita Business Services Limited, Gravita II LLP, Gravita AH Limited and Gravita III LLP.

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Gravita Business Services Limited.  Registered in England and Wales. Company Reg no: 13128469. VAT number 369869417. Regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

 

Gravita II LLP. Registered in England and Wales. Company Reg no: OC391394. VAT number 232192001. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C003814750.

 

Gravita lll LLP. Registered in England and Wales. Company Reg no: OC342571. VAT number 946638187. Regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

 

Gravita AH Limited. Registered in England and Wales. Company Reg no: 9178155. VAT number 201840845. Regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

 

Gravita Audit Limited. Registered in England and Wales. Company Reg no: 13172931. VAT number 374306694. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C008924259.

 

Gravita Audit ll Limited. Registered in England and Wales. Company Reg no: 11545093. VAT number 324226531. Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C006293724.

 

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