Non-Resident Landlord Scheme

The ‘Non-Resident Landlord Scheme’ (NRLS) is a scheme for taxing the UK rental income of non-resident landlords. Under the scheme basic rate tax (20%) is deducted from the net rent collected by an agent (less expenses paid). There is an exception to this where an...

Property Business Expense on Cessation

Where a property business ceases there is a relief for expenses incurred in relation to the business after it has ceased. The business typically would cease where the property is no longer let or is sold. The circumstances in which this relief is available is where...

Postponed import VAT accounting

As the UK is no longer a member of the EU, import VAT applies to all goods imported from the rest of the world into Great Britain (different rules apply for Northern Ireland) which do not qualify as small parcels (worth under £135). That import VAT will commonly be...

Beneficial loans

From April 2021 HMRC’s Official Interest rate has been cut from 2.5% to 2%. As a result of the cut the tax payable by a higher rate taxpayer with an employer-provided interest-free loan will reduce. This is also the case for director loans taken from...