by Vicky Smith | Nov 4, 2020 | Uncategorized
2018/19 tax returns can be amended by the taxpayer up until 31 January 2021. Where the omitted property income or gain relates to earlier tax years the taxpayer should consider disclosing using HMRC’s let property campaign. If this affects you we can assist you in... by Vicky Smith | Nov 4, 2020 | Uncategorized
For many property owners the rental income will be tax free if it is within the £7,500 rent a room relief and will not even need to be reported. This applies where room(s) in the taxpayer’s main residence are rented out, typically to lodgers. Where the house is owned... by Vicky Smith | Nov 4, 2020 | Uncategorized
You may have seen in the newspapers that Airbnb will share data with HMRC about the earnings of hosts (those who let out property) on its UK platform in the years 2017/18 and 2018/19. It is anticipated that HMRC will use this data to open enquiries into the tax... by Vicky Smith | Nov 4, 2020 | Uncategorized
In the March 2021 Budget, it was announced that CGT Entrepreneurs’ relief (ER) was replaced by CGT Business Asset Disposal relief (BADR) for disposals on or after 11 March 2020. It was also announced that the 10% CGT rate would only apply to the first £1 million of... by Vicky Smith | Nov 4, 2020 | Uncategorized
In his Winter Economy Plan the chancellor announced that SEISS grants would continue to be available, but at only 20% of average profits for the period to 5 April 2019. On 22 October he increased the amount of the third three-month grant to 40% of average profits,... by Vicky Smith | Nov 4, 2020 | Uncategorized
Before we had even seen full details of the JSS that starts on 1 November the chancellor announced an extension to the scheme on 9 October and further changes on 22 October! The JSS scheme originally announced in September has been made more generous to support...