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All news by: Jonathan Green

HOW WILL THE UPCOMING CHANGES TO OFFPAYROLL WORKING IMPACT REAL ESTATE AND CONSTRUCTION INDUSTRIES

The update now puts the onus of the SDS (Status Determination Statement) on medium or large companies using contractors. Companies which HMRC defines as a small company will not have to complete the SDS.

Take advantage of tax breaks from your time working at home

Employed and Self-Employed persons can take advantage of tax breaks on their time working from home. 

How to prepare for incoming CIS VAT reverse charge changes

With the continued changes coming from HMRC to the building and construction industry, there is yet another major change on its way which will affect both customers and suppliers who are CIS and VAT registered. 

HMRC to protect at risk employers when publishing CJRS claimants

In an effort from HMRC to be more transparent about the use of taxpayers’ funds and deter fraudulent activity, they will be publishing information about employers who claimed from the Coronavirus Job Retention Scheme (CJRS) for periods starting on or after the 1 December 2020.

When will you be able to claim your state pension?

There have been a number of things driving the increases in the pension age over the last few years, and women have been particularly affected by this as their state pension age has increased from 60 to 66 in that time.  For men the increase has been less extreme, with the age increasing by only one year from 65 to 66.

Students warned to avoid tax scams

Readers with children at university should pass on this message as students starting university this year are being warned by HMRC that they could be targeted by a fresh wave of tax scams.

Are you recording customers’ contact details?

In a press release issued 10 September 2020, the Department for Health and Social Care has reminded affected businesses that they have a legal obligation to record the contact details of their customers, visitors and staff.

Tenants protection under the Coronavirus Act 2020

From the 26 March 2020, the following rights of landlords and tenants regarding eviction apply.

New data shows drop in small buy to let landlords last year

Official HMRC data shows the number of small buy-to-let landlords dropped last year*, as cuts to tax relief start to bite, says accountants and business advisors, Moore.

Property tax changes from April 2020

Although the Brexit process continues to throw a spanner into the normal workings of government, there are a few certainties from a tax point of view that will be effective from April 2020. A few property related changes are noted in this article:

Changes to private residence relief

If you rent out all or part of your home this may create a Capital Gains Tax (CGT) charge when you sell the property.

Do you need to make a tax disclosure?

HMRC has a new £100m weapon to help identify individuals who may not be declaring all of their income and, therefore, paying too little tax.  

Do you own a holiday let property?

There is a number of tax incentives that you can take advantage of if you own and let a Furnished Holiday Lets property (FHL). They include:You can claim Capital Gains Tax reliefs for traders (Business Asset Rollover Relief, Entrepreneurs’ Relief, relief for gifts of business assets and relief for loans to traders),

Buy to let mortgages

The gradual restriction of tax relief for buy-to-let mortgage interest has received much publicity since the process commenced 5 April 2017. From that date, tax relief is converted from a straight forward deduction against business profits into a basic rate tax deduction.

Buy to let mortgages

The gradual restriction of tax relief for buy-to-let mortgage interest has received much publicity since the process commenced 5 April 2017. From that date, tax relief is converted from a straight forward deduction against business profits into a basic rate tax deduction.

Points based penalties

In the recently published draft clauses that will form the basis of the Budget later this year, HMRC has outlined a significant change to the way they will be levying penalties for late filing breaches under the Making Tax Digital regulations.  

Points based penalties

In the recently published draft clauses that will form the basis of the Budget later this year, HMRC has outlined a significant change to the way they will be levying penalties for late filing breaches under the Making Tax Digital regulations.  

Fake HMRC websites are directing users to £36 per call premium lines

Fraudsters have been creating replica versions of HM Revenue & Customs (HMRC) website and directing the public to call premium rate numbers advertised on them.

Fake HMRC websites are directing users to £36 per call premium lines

Fraudsters have been creating replica versions of HM Revenue & Customs (HMRC) website and directing the public to call premium rate numbers advertised on them.

Tax diary June

1 June 2018 - Due date for Corporation Tax due for the year ended 31 August 2017.

Tax diary June

1 June 2018 - Due date for Corporation Tax due for the year ended 31 August 2017.

Determine your main residence

Most people know that you do not pay Capital Gains Tax when you sell your main residence because you automatically qualify for a tax relief called Private Residence Relief.

Determine your main residence

Most people know that you do not pay Capital Gains Tax when you sell your main residence because you automatically qualify for a tax relief called Private Residence Relief.

Tax hurdles and new regulations lead to an 80% slump in buy to let investment

A new report published by the Intermediary Mortgage Lenders Association (IMLA) has revealed that net investment in buy to let property has fallen from £25 billion in 2015 to just £5 billion in 2017 due to excessive regulatory intervention on the sector. 

Tax hurdles and new regulations lead to an 80% slump in buy to let investment

A new report published by the Intermediary Mortgage Lenders Association (IMLA) has revealed that net investment in buy to let property has fallen from £25 billion in 2015 to just £5 billion in 2017 due to excessive regulatory intervention on the sector. 

Looking ahead to your future?

Are you looking ahead to your future? Perhaps, you have parents or relatives who may require care assistance?

Looking ahead to your future?

Are you looking ahead to your future? Perhaps, you have parents or relatives who may require care assistance?