This is our Autumn 2017 Tax Briefing
Sometimes a business will transfer its trade as a going concern and transfer the VAT registration number to the new entity thinking it will keep things simple, but this can be a mistake if the old entity wishes to retain land or property.
We have various clients who receive rental income from residential lettings. Can you please remind us of the change to the relief for “wear and tear” allowance.
My client has transferred a residential property into a discretionary trust. The value of the property is over the IHT nil rate band. Are there CGT implications?
My client is a VAT registered Ltd Company that owns a portfolio of rental properties both commercial and residential. The company purchased some land adjacent to a pub on which they incurred VAT. In order to reclaim the VAT, my client opted to tax. The company is now in the process of selling the land to a developer.
What happens to input VAT already recovered if these are on abortive costs?