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Build your own house – Reclaim the VAT from the HMRC!!

BUILD YOUR OWN HOUSE - RECLAIM THE VAT!! Are you thinking of building your own house? Well you can now reclaim the VAT. You can apply to HMRC for a VAT refund on building materials and services if you are building a new home, or converting a property into a home. In order to qualify, the home must be separate and self-contained, be for you or your family to live or holiday in, and not be for business purposes (although you can use one room as a work from home office). Builders working on new buildings should zero rate their work anyway and you won’t pay any VAT on their services. Where there is an existing dwelling on the site you will...

HMRC clarifies tax breaks on gifts

HMRC clarifies tax breaks on gifts Gift aid: If you’re a higher or additional rate taxpayer you can claim extra tax relief for charitable donations you make under the gift aid arrangements. This tax break applies to donations by individuals and not to those made by companies, organisations or groups of individuals and not to those made by companies, organisations or groups of individuals. This has caused some newspapers to suggest that where you make donations in the form of a sponsorship, typically through websites like JustGiving, and include a message that implies the gift is from more than one person, such as “Good luck from us all”, you’ll lose the gift aid tax break because the sponsorship...