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March 2017 Sees Slight Increase in UK House Prices

May 26, 2017 | Residential Property

The latest UK House Price Index shows an annual price increase of 4.1% which takes the average property value to £215,847. However, when viewed on a monthly basis, house prices have fallen by 0.6% since February 2017 when the average price of a UK property was £217,502 (an annual price change of 5.8%). March data(Read more)

Minicab Matters

May 19, 2017 | Dispute Resolution

Michael and others v Phillips and others [2017] EWHC 1084 (QB) is a recently reported case involving skulduggery within the Romford Minicab community.  The parties were involved in a sale and purchase of a minicab business.  All went sour and the claimants brought several claims, largely based in breach of contract, against the defendants. One(Read more)

Making Tax Digital: Consultation Period on Penalties

May 16, 2017 | Private Client

Making Tax Digital:  Consultation period on penalties for late online submissions and the payment of tax   In the Budget proposals for 2015, the government set out their plans for a modernised tax system and the end of filing tax returns each year.  At that time the government announced it would improve the service it(Read more)

The Importance of Making an Election if You Own One or More Properties

May 12, 2017 | Private Client

A recent case has highlighted the importance of making an election is you own one or more properties.  The facts of this case follow in very brief terms. Background On 25 June 2004, the taxpayer and his wife bought a property in London NW11. On the same day, they bought, in his name only, a(Read more)

What is Residence Nil Rate Band?

May 11, 2017 | Private Client

On 6 April 2017 a new top up called the ‘residence nil rate band’ (RNRB) was introduced. This is in addition to the existing nil rate band of £325,000 per person. The new RNRB allows you to give a proportion of value of your ‘residence’ to your ‘lineal descendants’ free of inheritance tax for deaths(Read more)

Beware the Leasehold

May 09, 2017 | Residential Property

According to recent government estimates, up to four million people do not own the freehold to their own properties. Instead, many homeowners, particularly of new build homes, own their homes on a leasehold basis. This means that these homeowners own their home for a fixed period during which it is rented from the freeholder (often(Read more)

Is HMRC Taking a Tougher Approach?

May 03, 2017 | Dispute Resolution

Recent figures show that HM Revenue & Customs fined nearly 8,000 more people for deliberate errors on their tax return in the 2015/16 fiscal year. Data under the Freedom of Information shows that there was a rise of almost forty percent in the number of people fined by the taxman for deliberately understating income on(Read more)

RICS Reports Lack of Impetus in Residential Sales Market

May 02, 2017 | Residential Property

The Royal Institute of Chartered Surveyors (RICS) reports a lack of impetus in residential sales market According to a recent RICS press release, the UK housing market continues to lack impetus, with data suggesting the numbers of new buyer enquiries and agreed sales in March was stagnant. Although the picture varies in different parts of(Read more)

Controversial Probate Fees Scrapped

April 28, 2017 | Private Client

On 21 April 2017 the Government confirmed that the controversial plan to increase probate fees has been scrapped. The Ministry of Justice reportedly said that time has run out for the legislation to pass through Parliament prior to the snap election on 8 June 2017. Under the proposed changes a probate fee on a sliding(Read more)

A New Way of Reporting to HMRC

April 27, 2017 | Private Client

Will tax advisers have nothing to do in the future? A new way of reporting to HMRC The move to a more digital tax system should come as welcome news to the many taxpayers who already choose to report much of their information to HMRC online. An outline of returns currently submitted online Self- Assessment(Read more)