Steve Bicknell has just become a Certified Migration and Making Tax Digital Advisor under the MTD course launched by Xero.

Making Tax Digital starts in April 2019 for businesses over the VAT threshold, but many businesses owners are unaware of the impact it will have on their business and that they will need API software in order to submit returns.

From 2020 we expect to see all businesses – Landlords, Sole Traders, Partnerships, Companies, Charities – with an income over £10,000 having to report their Profit and Loss to HMRC every quarter and then prepare a 5th return for year end adjustments.

This is a massive change and many businesses are currently using incompatible software which will not create digital links, is not approved by HMRC and is not API compliant.

If you want to discuss how Making Tax Digital will affect your business, please get in touch or come to one of our MBL seminars.

https://stevejbicknell.com/making-tax-digital/

steve@bicknells.net

Finance Act 2003 Schedule 7 has the answer

http://www.legislation.gov.uk/ukpga/2003/14/schedule/7

Many Properties Transactions within Groups of Companies are Exempt from SDLT

SCHEDULE 7
Stamp duty land tax: group relief and reconstruction and acquisition reliefs

Part 1

Group relief
1(1)A transaction is exempt from charge if the vendor and purchaser are companies that at the effective date of the transaction are members of the same group.
(2)For the purposes of group relief—
(a)“company” means a body corporate, and
(b)companies are members of the same group if one is the 75% subsidiary of the other or both are 75% subsidiaries of a third company.
(3)For the purposes of group relief a company (“company A”) is the 75% subsidiary of another company (“company B”) if company B—
(a)is beneficial owner of not less than 75% of the ordinary share capital of company A,
(b)is beneficially entitled to not less than 75% of any profits available for distribution to equity holders of company A, and
(c)would be beneficially entitled to not less than 75% of any assets of company A available for distribution to its equity holders on a winding-up.

However this group relief can be clawed back if the group relationship is broken within three years

Transfer of property between companies

Companies can claim relief within the same group that buy or sell property to or from each other. The buyer of the property can claim the relief if:

• the buyer and seller are both companies
• at the effective date of the transaction both companies are members of the same group

Certain conditions and restrictions apply to SDLT Group Relief.

To claim it, enter relief code ‘12’ in the SDLT return.

Find out more in the HMRC SDLT manual.

Stamp Duty Land Tax relief for land or property transactions – GOV.UK (www.gov.uk)

steve@bicknells.net

 

Our Social Enterprise has been formed. CORPORATE SOCIAL RESPONSIBILITY AWARD LTD CIC Company number 11259411 Our official launch will be at our BH Banter on Monday 9th April at 6pm at Ocean Beach Hotel, 32 East Overcliff Drive, Bournemouth BH1 3AQ. We want you to be there!!! book in now https://www.bournemouthchamber.org.uk/event/bhbanter-april/ The purpose of the […]

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via How to succeed at Speed Networking — Bournemouth Chamber of Trade & Commerce

Bournemouth Chamber of Trade and Commerce care! For us Social Responsibility encompasses Supporting Charities Supporting Employees Supporting Local Businesses If we want a sustainable, inclusive and successful local economy all three of the corner stones above are vital. Surely no one can deny the importance of the three areas of social responsibility we have outlined. […]

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