Property Archives - Potts & Co

Dec 15 2025

High Value Council Tax Surcharge

By admin HMRC, Potts & Co Accountancy & Business Advice News, Property

From April 2028 residential properties valued at £2m or more will attract a new high value council tax surcharge Announced in the Autumn Budget, eligible owners (rather than occupiers) of properties identified as being valued £2m or more by the Valuation Office will pay this recurring annual surcharge on top…

Dec 14 2025

Potts-and-Co-Accountancy-Income-Tax-increase-0004

Income Tax Increases

By admin Budget Update, Dividends, HMRC, ISA, Potts & Co Accountancy & Business Advice News, Property

The Chancellor will add two percentage points to the rates of tax paid on income received from dividends, savings and property If you receive dividends; interest and other savings; or income from a property you rent out as a sole trader landlord you will see an increase in the amount…

Oct 06 2025

Business and Agricultural Property Reliefs

By admin Business Property Relief (BPR), HMRC, Inheritance Tax (IHT), Potts & Co Accountancy & Business Advice News, Property

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 agricultural property relief (APR). Draft legislation published on 21 July 2025…

Nov 09 2024

SDLT: Higher Rate On Additional Dwellings Increased

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News, Property, SDLT

The stamp duty land tax (SDLT) surcharge levied on purchases of second and subsequent homes has been increased from 3% to 5% with immediate effect The higher rate applies to purchases of second homes and buy-to-let residential properties. The change applies to purchases with an effective date on or after…

Sep 24 2024

Making Tax Digital: Jointly-Owned Property

By admin HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, Property

From April 2026, sole traders and landlords with qualifying income over £50,000 will have to comply with the Making Tax Digital (MTD) for Income Tax requirements. Quarterly updates Mandated taxpayers will need to use third party MTD-compliant software to keep digital records and file quarterly summaries of their income and…

Sep 23 2024

Furnished Holiday Lettings Regime Abolished

By admin Capital Gains Tax, Furnished Holiday Lettings (FHLs), Potts & Co Accountancy & Business Advice News, Property

HMRC has published draft legislation explaining how the abolition of the special tax rules for furnished holiday lettings (FHLs) will work. From 6 April 2025 for sole traders and partnerships, or 1 April 2025 for companies, properties currently classed as FHLs will no longer benefit from tax reliefs not available…

Jun 11 2024

Reporting Rules For Digital Platforms

By admin HMRC, Potts & Co Accountancy & Business Advice News, Property

From 1 January 2024 online platforms such as websites, online marketplaces and apps that allow individuals and businesses to sell items and services are required to collect and report seller information and income to HMRC. If you sell items through eBay, Etsy, Facebook or another online marketplace, or rent out…

Mar 19 2024

CGT Higher Rate On Dwellings Reduced

By admin Budget Update, Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Private Residence Relief (PRR), Property

The higher rate of capital gains tax (CGT) for residential property disposals will be cut from 28% to 24% from 6 April 2024. The lower rate will remain at 18% for any gains that fall within an individual’s unused basic rate band. The annual exempt amount will be lowered as…

Dec 02 2023

Submit VAT Claims Digitally For DIY House Builds

By admin HMRC, Potts & Co Accountancy & Business Advice News, Property, VAT, VAT Homebuilders Scheme

Individuals who build their own home, or complete part of the build project themselves, are entitled to reclaim the VAT paid on materials under the VAT Homebuilders Scheme. When engaging builders and contractors to build your home, their labour and materials are zero-rated, so the VAT homebuilders scheme puts the…

Jun 08 2023

Student Loans, Property & Pensions

By admin HMRC, National Insurance, PAYE, Pensions, Potts & Co Accountancy & Business Advice News, Property, Student Loan Repayments (SLR)

Student loan repayments (SLR) are normally deducted under PAYE from employment income so many people incorrectly assume that SLRs are not due on other 'unearned' income such as rent or pensions. SLR will in fact be payable where the unearned income exceeds £2,000 per year and the taxpayer is required…

Property