Houses of Multiple Occupancy Overview A house in multiple occupation (HMO) is a property rented out by at least 3 people who are not from 1 ‘household’ (for example a family) but share facilities like the bathroom and kitchen. It’s sometimes called a ‘house share’. If you want to rent out your property as a house in.. read more →
Chancellor Philip Hammond announced 13 consultations in his Spring Statement on 13 March 2018. Here are 5 of the key consultations revealed: VAT registration threshold A review has been launched into the design of the VAT threshold, amid concerns it may currently be disincentivising small businesses from growing beyond a £85,000 turnover. Cashless and digital.. read more →
… or Making Tax Difficult as I prefer to call it ! The government has back-tracked on their original proposal to digitise taxpayers’ affairs. The original plan, to have most self-employed traders and landlords uploading accounts and VAT data from April 2018, was scrapped. The new plan, delayed until April 2019, requires traders registered for.. read more →
Several of my clients have recently told me that they’ve been receiving emails, supposedly from HMRC, inviting them to click links within the emails in order to apply for tax refunds. Regrettably, some have confirmed that they did indeed click the links then log onto fake HMRC websites, which looked every bit real to them,.. read more →
A gift to a charity or community amateur sports club (CASC) is precious in many ways. It expresses your appreciation in a beneficial way and potentially helps the charity/CASC continue doing what they do into the future. If you decide to gift aid your donation it also allows them to reclaim basic rate tax on.. read more →
The government has issued a consultation document on implementing a capital gains tax charge on non-residents disposing of UK property. The charge is to take effect from April 2015. The initial consultation period has closed and the government is considering the representations made. Many questions remain to be answered: will principal private residence relief be.. read more →
Just like ladies’ hats at Royal Ascot and strawberries and cream at Wimbledon, summer would not be the same without some contact from HMRC. Now in their third year, HMRC’s annual tax calculations (P800) are being sent out to approximately two million people who pay tax under Pay As You Earn (PAYE) and whose other.. read more →
On 9 April 2014 HMRC published details of their latest campaign to encourage taxpayers to declare and pay unpaid tax on second incomes. HMRC will expect settlement of any taxes due four months from the date of declaration of untaxed income sources to HMRC. The types of income highlighted by HMRC include: consultancy fees, for.. read more →
George Osborne has laid his cards on the table and we now know what the tax landscape looks like for 2014-15 (subject to any changes before the Finance (No. 2) Bill 2013-14 receives Royal Assent). Here’s a list of the main changes: For those born after 5 April 1948 the personal tax allowance is.. read more →
The new statutory residence test explained. Last year, HMRC introduced a new statutory residence test, which has been designed to provide greater certainty as to whether or not individuals are UK resident for tax purposes. It is a welcome development as many clients have faced years of uncertainty over their residence status. However as with.. read more →
David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation