News
HMRC is no longer automatically issuing cheques to refund PAYE overpayments. It is common for employed taxpayers to get to the end of the tax year and find that they have under- or over-paid income tax via PAYE. These discrepancies… more
HMRC is no longer automatically issuing cheques to refund PAYE overpayments. It is common for employed taxpayers to get to the end of the tax year and find that they have under- or over-paid income tax via PAYE. These discrepancies are calculated by HMRC at the end of the tax year and a tax calculation letter P800 is sent out to the individual. Historically, HMRC would issue a cheque to any taxpayers who had received the P800 letter but not claimed their repayment online within 21 days. From 31 May 2024 cheques will no longer be automatically issued and taxpayers… more
From 1 January 2024 online platforms such as websites, online marketplaces and apps that allow individuals and businesses to sell items and services are required to collect and report seller information and income to HMRC. If you sell items through… more
From 1 January 2024 online platforms such as websites, online marketplaces and apps that allow individuals and businesses to sell items and services are required to collect and report seller information and income to HMRC. If you sell items through eBay, Etsy, Facebook or another online marketplace, or rent out your property using Airbnb, Vrbo, Booking.com or a similar platform, HMRC will cross-reference the data it receives with other records it holds to ensure you are reporting your income accurately. Freelancers who operate through an online platform such as Deliveroo or Uber will also come under the reporting requirements. Websites… more
HMRC has confirmed the mandation dates for making tax digital for income tax self assessment (MTD SA) as announced in the Autumn Statement 2023. From April 2026, taxpayers subject to income tax on their trade, profession, property income or business… more
HMRC has confirmed the mandation dates for making tax digital for income tax self assessment (MTD SA) as announced in the Autumn Statement 2023. From April 2026, taxpayers subject to income tax on their trade, profession, property income or business and who have income above £50,000 will be required to keep their accounting records electronically (either using suitable software or on a spreadsheet) and file quarterly update returns to HMRC with details of their income and expenditure together with any other information that HMRC specifies. The mandation date for self-employed taxpayers and landlords with income between £30,000 and £50,000 is… more
Owners of furnished holiday lets will lose their entitlement to favourable income tax, capital gains tax and capital allowances as the FHL scheme is abolished. If you own a property that you rent out on a short term basis for… more
Owners of furnished holiday lets will lose their entitlement to favourable income tax, capital gains tax and capital allowances as the FHL scheme is abolished. If you own a property that you rent out on a short term basis for holiday rentals, subject to certain qualifying conditions, you may benefit from the furnished holiday lets (FHL) regime. FHLs are properties that are let furnished with each let being no more than 31 days, available to let for 210 days a year and actually let for at least 105 days. Eligible properties are taxed under special advantageous rules including: • beneficial… more
