Homeowners who rented out properties during the Commonwealth Games need to make sure they are registered for self assessment to pay tax liability, warns HMRC Those who rented out properties during the Games as a short-term let may need to tell HMRC about any income they...
Read MoreIn an unexpected power grab, HMRC is working on plans to access more information about individual taxpayers, particularly the self employed and employees, from working hours to job titles, to tackle tax evasion The main focus will be on accessing more data about the self employed,...
Read MoreOne of the biggest problems for self employed taxpayers relates to confusion over allowable business expenses when completing self assessment returns Many self-employed people experience difficulties completing self assessment returns due to ‘confusing terminology, ambiguity around allowable business expenses and uncertainty transferring figures from personal spreadsheets...
Read MoreIn a speech to the Confederation of British Industry (CBI) the Chancellor has promised tax cuts for businesses in the Autumn Budget The promise, made at the CBI’s annual dinner, was made with the aim to boost investment ahead of the increase in corporation tax from...
Read MoreThe UK has dropped to 21st place from its previous position at sixth due to the increase in corporation tax to 25% in April 2023 The UK decision to increase its corporation tax rate to 25% from 19% for companies with profits above £250,000 has...
Read MoreEmployees who have been claiming home office tax relief during the pandemic should review their tax codes to check whether HMRC has included the relief in their notice of coding During the pandemic HMRC allowed anyone working at home due to the pandemic lockdowns to apply...
Read MoreRishi Sunak’s wife, Akshata Murty, has announced that she will pay tax on her foreign income after confirming her non-domicile tax status last week The decision to change her tax arrangements followed accusations of hypocrisy against the Chancellor from opposition parties saying that Sunak’s family is...
Read MoreHMRC has confirmed that from 31 March 2022, new clients will need to use a revised version of form 64-8 to give authorisation for accountants or tax agents to deal directly with the tax authority It is important to note that existing clients do not need...
Read MoreSelf assessment taxpayers have just one week left to pay their tax bill or set up a payment plan to avoid incurring a penalty, HMRC has warned Taxpayers have until 1 April to pay all tax due from their 2020-21 tax return and not receive a...
Read MoreHMRC has increased its late payment interest rates to 0.75% after the Bank of England increased their base rates The tax authority revised its interest rates for late payments after the Bank of England (BoE) increased the base rate from 0.5% to 0.75%. HMRC confirmed that the...
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