Chedzoy Butterworth Accountants and business advisers

Chedzoy Butterworth Accountants and business advisers We are a boutique and pro-active firm of Accountants and Business Advisers. We have offices in Taunton, London and Bournemouth.

Our head office is based in the South West of England in Taunton, Somerset. We also have offices in London and Bournemouth. Our clients are based Nationally in the UK and Internationally in Europe. We specialise in providing business advice for Corporate and non Corporate businesses as well as private client taxation and International taxation matters. Our team of qualified individuals will work c

losely with you and can help give advice to suit your business and individual needs. We are a diverse firm and with our associates and consultants in different disciplines, we offer a very holistic, one stop approach to your business and personal circumstances. As a team, we are able to offer expertise help in Accounting - to include Corporate SME owner managed businesses, non-corporate for sole traders, partnerships and LLP's, personal taxation, corporate taxation, payroll, VAT, business advice, wealth management and financial services, International tax advice (specifically to include expats in France and Spain).

Great review & feedback from one of our newest clients! It's great we are able to assist new businesses to help rebuild ...
14/08/2023

Great review & feedback from one of our newest clients! It's great we are able to assist new businesses to help rebuild their confidence!📊📈😍🥰

Come and join our amazing team in our newly available Accounts Assistant role in our Taunton office. 💻📈✏️For more infor...
30/03/2022

Come and join our amazing team in our newly available Accounts Assistant role in our Taunton office.

💻📈✏️

For more information and how to send your CV across please visit our website!

We have an exciting opportunity for an Accounts Assistant to join our Taunton office to complete a range of responsibilities.

07/09/2021

Rises in National Insurance and Dividend taxes from April 2022 to help fund

Dividend Tax rates will increase by 1.25%.

National insurance will also see an 1.25% increase for Employees and Employers!

05/02/2021

HMRC reveals new tax rates for buying property for non-UK residents

Her Majesty’s Revenue & Customs (HMRC) has revealed the new rates of tax for non-UK residents seeking to buy property in England and Northern Ireland.

Purchases of land and buildings in England and Northern Ireland are subject to Stamp Duty Land Tax (SDLT), and is charged on the purchase price of a property and must be paid within 14 days of the purchase to HMRC.

From 1 April 2021:
•A non-UK resident buying residential property in England or Northern Ireland will have to pay the new rates of SDLT.
•The new rates will be 2% higher than the rates which apply to UK residents.
•The new rates will not apply for those who buy non-residential property e.g. offices and shops.

SDLT residence tests

HMRC said buyers can apply the following SDLT Residence Tests to determine if they’re a non-UK resident. Both nationality and residence status under the UK Statutory Residence Test are not relevant for this purpose.
•Individual buyers will be non-UK resident if they are not present in the UK for at least 183 days during the 12-months before their purchase.
•Corporate buyers will be non-UK resident if they are not UK resident for Corporation Tax purposes at the date of buying the residential property. However, special rules will apply for UK resident companies which are under the direct or indirect control of non-UK resident persons.
•Partners in a business partnership buying a residential property together will be treated as joint buyers.
•Trusts will be non-UK resident if any trustee is a non-UK resident under the SDLT residence tests – except if:
◦if the trust is a bare trust or
◦if any beneficiary is entitled to remain in the property for life or entitled to income arising from the purchased property.

Partners in a business partnership buying a residential property together will be treated as joint buyers and if any partner is non-UK resident the new rates will apply.

Claiming a tax refund/relief from this tax charge

Individual buyers may be able to claim a tax refund if – after the purchase – they are present in the UK for at least 183 days in the two year period beginning a year before the purchase and ending a year after the purchase, HMRC said.

Also, if they’re a crown employee and/or their spouse or civil partner is one, they’ll be able to claim an up-front relief from this tax charge.

The new SDLT rates remain subject to approval by UK Parliament .

An Example – SDLT payable by a non-UK resident.

In May 2021 if an individual buys a house in England for £275,000. The SDLT they owe will be calculated as follows:
•2% on the first £125,000 = £2,500
•4% on the next £125,000 = £5,000
•7% on the final £25,000 = £1,750

Total amount of SDLT you pay = £9,250

Special rates of tax

HMRC also said special rates of tax will apply if:
•An individual is a first-time buyer - they may be entitled to pay tax at lower rates than those shown in the above table.
•An individual owns or plans to own more than one residential property, or they buy their property using a company - they may have to pay tax at higher rates than those shown in the above table.

Details of the current rates of SDLT can be found on GOV.UK, with information about the new rates to be published there soon.

Address

Taunton
TA14AS

Opening Hours

Monday 9am - 5:15pm
Tuesday 9am - 5:15pm
Wednesday 9am - 5:15pm
Thursday 9am - 5:15pm
Friday 9am - 5:15pm

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