Update For Landlords

As you are no doubt aware from the very recent news, there are many tenants who are facing financial difficulties and there is a consequential loss of payment of their rent to you. As of today (25th March 2020), I can provide you with the following information:   If you do have a buy to […]

3 Month Extension On Filing Accounts With Companies House

3 Month Extension COVID-19 has caused disruption and uncertain times for businesses and Companies House have been working with BEIS and other government departments, to develop measures that will help ease the burden on businesses. As of today, businesses will be able to apply for a 3-month extension on filing their accounts. All companies who […]

What Is a Simple Assessment?

Introduction: A taxpayer may receive what is known as a simple assessment which is a calculation form number PA302. This is still a paper based system but is actually part of the government’s Making Tax Digital Programme. Aim: The aim of simple assessment is for HMRC to use information which it already holds to produce […]

Revenue Powers – Third Party Information

HMRC has a wide range of access powers contained within the Taxes Management Act 1970 and these enable them to obtain information on a wide range of transactions and income, which include the following: Details of particular types of boats & planes Details of licenses to sell beer, wine & spirit Details of grants Auctioneer […]

Revenue Powers – Determinations & Discoveries

What is a Revenue Determination? This is where a tax return is issued by HMRC but not completed by the taxpayer which then means that HMRC have the power to issue a notice of determination in respect of their assessment of the tax due. There is no right of appeal against a determination and the […]

Revenue Powers – Record Keeping

Taxpayers must now retain records which substantiate the entries on tax returns. A business taxpayer is required to maintain records which include the following: Receipts and expenses Sales and purchases Other supporting documents for five years after the filing deadline and for six years for companies. The penalty for failure to maintain proper records is […]

Revenue Powers – Know The Rules

One of the first rules concerns Notice of Chargeability. So, what is a Notice of Chargeability? If a taxpayer does not receive a notice to file a tax return from HMRC, then he/she has a legal obligation to notify HMRC if they have a chargeability to tax. The time limit for this notification is 6 […]

Revenue Powers – What Do You Need To Be Aware Of?

Recent years have seen the closing of over 13 tax offices nationwide and significant staff reductions. There is a massive re-structure in progress with HMRC as they redeploy remaining resources. The Revenue’s key objectives since 2015 are: Maximise revenues due and to “bear down” on avoidance and evasion Transform tax and payments of their customers […]

Capital Gains Tax & Gifting – Change In Tax Rules!

BEWARE OF THE NEW CHANGES WHEN YOU ARE SELLING LAND – YOU HAVE NEW OBLIGATIONS OF COMPLIANCE & PAYMENT TO HMRC One of the more common questions which I am often asked as a tax accountant, is can I give an asset away and not pay any tax? If I do give this asset away, […]

Calculation Of Your Profits Or Losses On Rental Income

In order to work out your overall net position for tax purposes, you will need to: 1) Add up all of the income received in the tax year from letting out your property(ies) 2) Add together all of your allowable expenses 3) Deduct these expenses from your income This gives you a net position for […]