Property Taxes and Reliefs Plus 1000mph!

In my role, I get lots of questions, which keeps it interesting. What is curious is how the themes to these questions pass like waves. Presumably, the themes are dictated by what is out there in the media. The latest theme has been property taxes and reliefs. There has been a lot happening to tax on properties and some of the implications of recent tax changes are starting to bite. In the sound bite below, I will cover 3 of the most common recent questions, namely tax relief for furniture, when is a home not a home and VAT on builders building their own homes, and all in under 5 minutes! But first the 1000mph car, and no, that is not me driving up the A9.

The 1000mph car “Project Bloodhound”.

The 1000mph Car

The 1000mph Car

There is no particular connection between this 1000mph car and my subject today. But it does have much to do with achievements in business.

The Bloodhound supersonic car is aiming to break the world land speed record – and be the first to reach 1,000mph. To put that into context the wheels on this car will be cover 1mile every 3.6 seconds.

My Audi is quick but not that quick.  The Bloodhound uses a jet engine from the Eurofighter to get it moving and reach 350mpg. Then, a new rocket engine developed by the European Space Agency will take the car up to the 1000mph in just 20 seconds. I had to laugh; they are using a  supercharged V8 Jaguar engine as a fuel pump for the rocket. I would be quite happy with just the supercharged V8 Jaguar engine in my car.

 

“The main aim of the BLOODHOUND Project is to inspire the next generation of scientists and engineers. “

Building a 1000mph car seems like a crazy idea and keeping this car on the ground will be a feat of engineering. It is a catalyst! It is providing an opportunity for companies all over the country to contribute to a cutting-edge project. The result will be a new land speed records alongside countless growth opportunities for contributing companies. There is also the opportunity to exploit the bragging rights in their marketing.

The actual record run will be in South Africa. The development has cost millions of pounds and this was all raised through sponsorship and donation.

Why Do it?

Why would you want to build a 1000mph car in the first place? You cannot use it to do the weekly shop and it cannot carry much. It is the challenge and the human need for “climbing mountains” in order to give us a purpose and add meaning to our lives.

It’s the same for people who are building their business. Why do we do it? You can have a perfectly acceptable lifestyle in a small business, so why make it bigger? Why build a 1000mph car?  Some people thrive on near-impossible challenges. Mohamed Ali said “impossible is just an opinion” so let’s do what other people think is impossible. In years to come, we can all look back on our achievements’.

I see us as that 1000mph business. We are building up our business. We are maybe only at the £350mph stage yet but the 1000mph prize is firmly in our sights.

And we like helping other 1000mph people to do the same. What gets you out of bed in the morning and gets the blood moving. Find out here.   Back to those questions on property taxes and reliefs.

 

Property Taxes and Reliefs

Property Taxes and Reliefs

I have pulled together some of the common questions from the last few months and given you a quick review. They are all about property and will be of interest if you let residential accommodation, or you are a builder building your own home or are facing the prospect of selling a house you thought was going to be your home. These questions are about VAT and Capital Gains Tax.

As ever, any thoughts or questions on property taxes and reliefs or other aspects of tax planning, please call or email.

Call us on 0800 180 4401 or email advisers@thelongpartnership.co.uk

Slaying your tax dragons and making life less taxing!

Alan Long
The Long Partnership