The annual tax on enveloped dwellings (ATED) applies where a residential property worth over £500,000 is held by a company and is not commercially let out or used for some other qualifying purpose. This tax currently starts at £3,800 per year but that starting rate will rise to £4,150 from April 2023.
Be aware that the ATED charge for 2023-24 to 2027-28 must be based on the property’s open market value on 1 April 2022 and it is up to the property owner to provide that valuation.
Draft legislation has been published giving more insight into how and when proposed restrictions to two major inheritance tax (IHT) reliefs will be implemented. At Autumn Budget 2024 the Chancellor announced plans to reform business property relief (BPR) and...
In just over six months the first group of taxpayers will be required to join HMRC's Making Tax Digital for income tax (MTD IT) programme. Some individuals may be able to avoid this by claiming an exemption. Self-employed taxpayers and landlords with qualifying income...
Life insurance arranged by employers can provide vital financial protection for employees, their families, and the business itself, with important tax rules to consider. Employers often take out life insurance cover to protect against the financial impact of losing an...
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