Tax News

Payrolling benefits in kind

Payrolling benefits in kind

Date posted: 12th Feb 2024

Employers can opt to deal with taxable benefits in kind through the payroll (known as ‘payrolling’) rather than reporting them to HMRC after the end of the tax…

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Property expenditure – revenue or capital?

Property expenditure – revenue or capital?

Date posted: 12th Feb 2024

Work may be undertaken on a property to repair it or to improve it and it will not always be clear where the dividing line falls. The distinction…

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Capital gains tax reporting of residential property disposals – reminder

Capital gains tax reporting of residential property disposals – reminder

Date posted: 12th Feb 2024

Since April 2020, where capital gains tax (CGT) is payable on the disposal of a UK residential property, this must be paid (and declared) within a certain number…

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The Self Assessment deadline has passed – what happens now you’ve missed it?

The Self Assessment deadline has passed – what happens now you’ve missed it?

Date posted: 12th Feb 2024

HMRC estimates that 1.1 million taxpayers missed the deadline for filing their 2022/23 tax return, on 31 January 2024. HMRC will now automatically issue those 1.1 million taxpayers…

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Online income – is this reportable to HMRC?

Online income – is this reportable to HMRC?

Date posted: 22nd Jan 2024

By tax partner, Lee Watson There has been quite a lot of debate, over the past couple of weeks, about the accessing of information by HMRC from websites…

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Payments on account – can you reduce these?

Payments on account – can you reduce these?

Date posted: 22nd Jan 2024

The deadline for filing your 2022/23 tax return is fast approaching (31 January 2024), as is the due date for any balance of tax due for 2022/23 and…

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Form P11D – the long farewell

Form P11D – the long farewell

Date posted: 22nd Jan 2024

As part of the movement towards tax simplification, HMRC has advised that it will be mandatory to declare benefits-in-kind (BIKs) via the business payroll, from April 2026. At…

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Renovating Properties – are you trading?

Renovating Properties – are you trading?

Date posted: 22nd Jan 2024

There can be money to be made buying a property in a dilapidated state, renovating it and selling it for a profit. However, when it comes to tax,…

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Nudge letters from HMRC – have you received one?

Nudge letters from HMRC – have you received one?

Date posted: 22nd Jan 2024

HMRC believes that not everyone is paying the correct amount of tax, estimating what it terms as ‘the tax gap’ as being ‘4.8% of total theoretical tax liabilities,…

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Furnished Holiday Lettings – a recap

Furnished Holiday Lettings – a recap

Date posted: 22nd Jan 2024

A furnished holiday let (FHL) is simply a house, anywhere in the UK or EEA, let to short term holidaymakers. It does not need to be in a…

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