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Professional accountants serving the UK and helping small businesses to grow!

Whether you are an expanding company or just starting up, KAMP Accountants is here to help.

With extensive experience working with large and small clients throughout the UK, we support large and small business in a broad range of business sectors with all their accountancy requirements.

SDLT on second homes

Newsletter issue - August 2017.

Stamp Duty Land Tax (SDLT) is payable on the purchase of residential property in increasing portions of the property price above £125,000.

Current rates of SDLT on individual and additional properties are as follows:

Note that SDLT no longer applies in Scotland, where a Land and Buildings Transaction Tax (LBTT) is charged instead.

Additional property

A higher rate of SDLT will be charged on purchases of additional residential property which completed on or after 1 April 2016.

If contracts were exchanged after 25 November 2015, then the higher rates apply if the purchase was completed on or after 1 April 2016. However, if contracts were exchanged on or before 25 November 2015 but not completed until on or after 1 April 2016, the higher rates will not apply.

The amount of the additional charge will be 3% on top of the normal SDLT charge.

Example

Leo buys a second residential property on 25 July 2017 costing £300,000. This transaction will attract SDLT as follows:

£125,000 x 3% = £3,750

£125,000 x 5% = £6,250

£50,000 x 8% = £4,000

Total SDLT due £14,000

Broadly, the higher rates will not apply if at the end of the day of the transaction an individual owns only one residential property, irrespective of the intended use of the property.

If a main home is sold after a new home is purchased, the higher rate will be payable. However, a refund can be obtained if the old home is sold within three years of buying the new one.

Exceptions

The higher rates are not payable on the purchase of a new property if the chargeable consideration is less than £40,000.

In addition, the charge is not payable where:

The higher rates will not be applicable if an individual's other residential properties meet either of the two criteria above, or each have a value of less than £40,000 when the new property is purchased.

Finally, the higher rates will not apply to purchase of mobile homes, caravans or house boats; or to purpose built student accommodation.

Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.

  • Accounts and Taxation
  • Accounts prepared on time and presented to you at your premises
  • Income tax calculations and projections
  • Annual superannuation certificates for Partners
  • Practice manager training about bookkeeping
  • 2 - 4 meetings in a year at your premises
  • Personal expenses
  • Payroll
  • SD55 for practice staff
  • Installation and training in respect of practice computerised accounting system
  • Unlimited telephone and email support for adhoc queries

Non - recurrent Services

•VAT advice •Capital gains tax planning •Partnership agreements •Surgeries finances •Pension planning •Budget and cashflow planning •Inheritance Tax planning

Recurrent Annual Services based on fixed fee:

  • Accounts and Taxation
  • Accounts prepared on time and presented to you at your premises
  • Income tax calculations for Principles and Associates
  • Practice manager training about bookkeeping
  • 2-4 meetings in a year at your premises
  • Personal expenses
  • Payroll
  • SD55 for practice staff
  • Installation and training in respect of practice computerised accounting system
  • Unlimited telephone and email support for adhoc queries

Non - recurrent Services

  • VAT advice
  • Capital gains tax planning
  • Partnership agreements
  • Surgeries finances
  • Pension planning
  • Budget and cashflow planning
  • Inheritance Tax planning

Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.

Medical Practices

Our specialist team provides a wide range of accounting and business services to General Practice.

Recurrent Annual Services based on fixed fee:

Dental Surgeries

Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.

Recurrent Annual Services based on fixed fee: