HMRC’s second incomes campaign
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...New Tax Year …….What’s New ?
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...Resident or Non-Resident for Tax Purposes ?
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...Budget Top 10 Headlines
A Budget for makers, doers and savers…. 1. Pensions – ‘far reaching reforms’ were announced, with tax restrictions being lifted allowing pensioners access to their pots. From April 2015 the 25% tax-free pot will continue, the excess currently suffers a 55% tax charge,...Investment properties held by individuals
Find out how the accounting treatment of investment properties held by individuals has changed. Individuals who hold investment properties and receive rental income need to disclose the rental income on their tax returns. Until 5 April 2013 this had to be done using...
David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation