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A property rental business will have a start date, and it is important to know when this is. A landlord will normally undertake some preparatory work before letting their first property, and it is important to know when the preparatory work ends and the property business begins. In their Property Income Manual, HMRC makes the
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Scammers are becoming increasingly adept at fooling people. A favored tactic is a letter, text, or email purporting to be from HMRC, often promising a tax refund in exchange for personal and financial data. During the summer, many taxpayers received a persuasive scam letter which appeared to be from HMRC, seemingly from the Individuals and
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Following the pandemic, flexible working hours are on the increase. This shift has given employees the legal right to request flexible working from the first day of their employment. However, there is no statutory right for employees to work from home, even though homeworking is already the norm for many self-employed. Where existing space at
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The current tax regime for furnished holiday lettings has several advantages, including the ability to deduct interest and finance costs in full when calculating the taxable profit. This enables the landlord to secure tax relief for interest and finance costs at their marginal rate of tax, something that is advantageous where the landlord pays tax
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There are various reasons why a person may not have told HMRC about the tax they owe, ranging from a simple oversight to deliberate tax evasion. Regardless of the reason, if you have failed to declare income and gains on which tax is due, it is always better to take action to correct the situation
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Over the past few years, tax enquiries aimed at identifying and correcting errors or deliberate under-reporting in tax returns have increased. HMRC generates substantial revenue from all compliance activities and although the exact proportion relating to tax enquiries is not always separately reported, the latest figures show that for 2023-24 the amount secured from all
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