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  • 4 Focus points for your Brexit Plan

    Tue, 27 Mar 2018 16:02:20
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    No doubt you’ve already dived into 2018 full of vigour and enthusiasm for a fresh year of successes, challenges and victories. And you’ve got a sales target to hit or beat. But what will happen in 3 months’ time? 6 months’ time? If we’re honest keeping up the momentum on sales is tough, and doesn’t just happen. It’s so easy to give up – it’s our greatest weakness! But when it comes to sales targets, there’s no way anyone can afford to give up in 2018. With the shifts and challenges we’re seeing in the business environment, we can see that keeping up momentum on sales is going be more essential than ever in 2018!

    Fri, 09 Feb 2018 12:16:44
  • 2017 a challenge? 1 way to make 2018 a success

    The key to success in 2018 can be summed up in one word: focus. It can so easily feel that somehow if we try and do something with lots of opportunities, one or two of them will work out, and we’ll get some good results. But we see time after time it doesn’t work. Time is limited. Money is limited (normally!) Your energy and the energy of your team isn’t infinite. So how do we achieve a laser like focus in 2018?

    Thu, 08 Feb 2018 18:07:24

The chancellor announced a welcome change to the way Stamp Duty Land Tax (SDLT) is calculated on residential property in the Autumn Statement 2014, bringing a SDLT cut for 98% of the people who pay it.

What is changing?

Under the old rules, you had to pay tax at a single rate on the entire property price.  This created illogical jumps in the amount of tax due near the thresholds.  For example, if you purchased a house for £250,000, you would pay SDLT at 1% (£2,500), whereas if the house was purchased for only £50 more, at £250,050, you would pay SDLT at 3% (£7,502). 

Under the new rules, you will only pay the rate of tax on the part of the property price within each tax band – similar to income tax, with 0% SDLT payable on the first £125,000 of the value of the property.

 

New SDLT rates

HMRC have a useful online calculator to help you work out how much stamp duty you would have to pay under these new rules.

 

Example

Old Rules

House purchased for £275,000

3% Stamp duty paid on the entire purchase price

£8,250 SDLT payable

 

New Rules

House purchased for £275,000

0% on the first £125,000 = £0

2% on the next £125,000 = £2,500

5% on the final £25,000 = £1,250

£3,750 SDLT payable

 

The new rules started at 00:00 on 4th December 2014, and only apply to residential property.

If you have any questions on the new Stamp Duty rules, please don't hesitate to contact us.

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