FINANCE
Self-builders may be owed a hefty tax rebate
Brent Goodwin (pictured), VAT Manager at Newby Castleman, on why self- builders could claim back VAT spent on building materials used in the construction of their own home.
Research suggests as many as one-in-four self-builders may be owed a rebate from HMRC to the tune of around £30,000 for every self-build project that has not been claimed against. Approximately 10,000 homes in
the UK are built by self-builders each year, and while claiming VAT back on building materials for your project is relatively straightforward, many self-builders do not check whether they can claw back any of their VAT bill. With the UK Government saying
it wants the number of self-builders to increase to 20,000 by 2021 (through the Right to Build initiative), Newby Castleman is encouraging those building their own home to contact them to see if they can help them reclaim money that is rightfully theirs. Brent said: “The dream of
building your own home is becoming a reality for more people. However, research suggests many self-builders may be owed a VAT rebate from the Taxman. “To qualify, there are a number
of rules that apply; for example your property must be a self- contained premises for personal use, so you can’t run a business from there or rent it out to tenants, plus you wouldn’t be able to claim on some professional costs, or some household items. “There are several avenues to
reclaim your VAT as a self-builder, but it is essential that any claim is submitted within the strict time limits, otherwise HMRC will reject it in part or in whole. For expert advice we would encourage you speak to a professional accountant.”
64 business network February 2019
Consumers make plans to curb spending and save
Consumers plan to curb their spending on a range of products and activities in 2019 according to new research from leading audit, tax and consulting firm and Chamber patron RSM. The survey asked 2,000
consumers, 138 of whom were from the East Midlands, whether they would spend more, the same, or less on a range of 17 popular products and activities such as buying clothes, going out for meals, or taking a weekend break. Without exception, consumers
said they planned to spend less rather than more on all of the options presented. Only when it came to saving did the proportion of those who said they would save less roughly equal the proportion of those who said they would save more. According to the survey,
consumers said they were most likely to cut spending on takeaways (27.6%), followed by technology (26.8%) and meals out (26.7%). Just over a quarter (25.8%) said they would cut down on buying clothes. When it came to where
consumers thought they would put their money this year, the top three were saving (20.7%), holidays (17.2%) and weekends away (12.5%).
Andrew Westbrook
‘It's no surprise that consumers say they plan to cut back on a range of consumer goods and activities’
Forty-five per cent of
consumers said that living costs would likely have a high impact on their disposable income over the coming year. Almost a third (31%) said that Brexit was likely to have a high impact while the same proportion cited concerns around price inflation.
The survey also identified some significant differences between age groups. While only 14% of consumers aged over 55 said that mortgage or rental costs would have a high impact on their spending power over the coming year, this rose to 34% for the 18-34 age group. Andrew Westbrook, Partner and
Head of Retail at RSM, said: “With the current political uncertainty, it's no surprise that consumers say they plan to cut back on a range of consumer goods and activities. However, as anyone who has ever made a New Year's resolution will know, there is often a difference between what people say they plan to do, and what they actually do. “The travel sector may well be
encouraged by these findings that a relatively high proportion of consumers intend to spend more on holidays and weekends away. Even in straightened economic times, holidays appear to be a high priority for UK consumers. “However, these figures also
suggest there could be tough times ahead for the restaurant and takeaway sector with over a quarter of consumers indicating that they would tighten the purse strings when it came to eating out.”
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