Property Finance Costs Restriction

A married couple, have jointly held residential investment property. The husband is a higher rate taxpayer and the wife is a basic rate taxpayer and they would like to change the allocation of the property income. They do not want to change their...

Exchange of Joint Property Interest

My client (Peter) and his brother (Fred) jointly own two rental properties but now wish to rearrange their holdings so that they each own a property.  Property A has a market value of £250,000 and has a base cost of £90,000 and Property B has a...

Gift With Reservation

A client has sold her house to a close friend who is apparently willing for my client to remain in the property for as long she wants rent-free. The friend is a wealthy individual who is resident overseas. Will this be a Gift with Reservation for...

Holiday Accommodation – reduced vat change

Reminder: Change to the temporary reduced rate for supplies of catering, holiday accommodation and admissions to attractions. A client operates a furnished holiday let business and has been accounting for VAT at 5% on their holiday lets since the...

Converting camper vans

Thinking of starting a new business buying second hand commercial vans and converting them into campervans before selling, or buying existing campervans and repair/refurbish these. Will this fall under the VAT Margin Scheme for these sales? ...
P11D meme chef in kitchen

How to avoid P11D form penalties

A tax deadline is coming up which could affect your business. If P11D Expenses and Benefits forms are not received by HMRC by 6 July after the end of the tax year, penalties can be charged up to £300 per late form. Abrams Ashton can advise if you...

Selling your main home after a period of Absence

A client is in the process of selling their main residence and has asked if there would be any capital gains tax to pay on disposal.The property, located in Manchester, was acquired in March 2010 and the client lived there until March 2016 – they...
SEISS grant meme - man on laptop

Third SEISS grant – important changes

We’re contacting all of our self-employed clients that may be eligible to let them know about the third SEISS grant which launches on 30 November. The rules on who is eligible to claim have changed. However, you still need to have submitted a Self...

The Job Support Scheme: all you need to know

If your business has been affected by the coronavirus pandemic, Abrams Ashton Chorley can advise you on the upcoming changes to the government’s support schemes. The Coronavirus Job Retention Scheme, which has been in place since March, comes...