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Tax

Stamp DutyCurrently, the threshold for paying stamp duty on residential properties is £125,000 in England and Northern Ireland, unless you are a first time buyer, where the threshold is £300,000 (only if the property value is under £500,000).However, as from 8th July 2020, Chancellor Rishi Sunak announced the threshold will be temporarily raised to £500,000 until 31 March 2021.This change is to help economic growth in ‘boosting’ the property market and the Treasury have said this change will help nine out of 10 people during this period as they willSEE DETAILS

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Tax

The Government has announced an unprecedented package of support for businesses and individuals affected by Covid-19.The draft legislation Coronavirus Bill 2019-21 include an amendment to support self-employed people a statutory self-employment pay.The draft amended legislation is:Statutory self-employment pay(1) The Secretary of State must, by regulations, introduce a scheme of Statutory Self-Employment Pay.(2) The scheme must make provision for payments to be made out of public funds to individuals who are:(a) self-employed, or(b) freelancers.(3) The payments to be made in subsection (2) are to be set so that the net monthlyearningsSEE DETAILS <...

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Tax

This week, the Chancellor of the Exchequer; the Rt Hon Rishi Sunak MP, delivered the government’s Budget 2020.The most important of the tax announcements was probably the reduction in the Entrepreneurs’ relief lifetime allowance from £10m to £1m. Given that there was a head of steam building up for its complete abolition, most will be relieved that a significant level of relief has been retained.There was little of direct impact for individuals, although the zero-rating of electronic books and publications from December 2020 will bring welcome price reductions in theSEE DETAILS

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Tax

Find out about ATED, what you need to pay and how to appoint an agent or adviser to act on your behalf.What is ATED and does it apply to you?ATED is an annual tax payable mainly by companies that own UK residential property valued at more than £500,000. You’ll need to complete an ATED return if your property: is a dwellingis in the UK was valued at more than:£2 million (for returns from 2013 to 2014 onwards)£1 million (for returns from 2015 to 2016 onwards)£500,000 (for returns from 2016 to 2017 onwards) is owned completely or partlySEE DETAILS

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Tax

30 June year ends will benefit from the full 100% relief of £1m for the financial year starting 1 July 2019. AIA has been temporarily increased to £1,000,000 as from 1 January 2019 for two years. Transitional rules apply where years fall outside the two-year window, so for December year ends these transitional rules had no real impact. As an example, for June year ends the transitional rules would have the following impact on the maximum allowance that a business can claim: Year end 30 June 2019 £1m x 6/12SEE DETAILS

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