45p additional rate of income tax to stay!

The UK Government has U-turned and will now NOT be scrapping the top 45p rate of income tax. We’ve got a breakdown of why and what this means for income tax.
#minibudget #incometax #tax

Should I put my rental property into a company?

Should I put my rental property into a company? This is one of the most common questions we get asked and unfortunately the answer is never a yes or no. In the following article, we will focus mainly on UK resident Landlords. And set out some of the differences available to Landlords. The simplest way […]

Landlords are you up to date with your taxes?

HMRC has actively started to take a greater interest in the rental market, and we have seen an increase in the number of landlords, especially those on a low income who have received tax enquiry notices due to unreported capital gains or rental income.   Owners of property/flats who have taken advantage of the 2020 COVID-boom […]

HMRC reclaiming Income Support Scheme Grants

Widely criticised for not being implemented quickly enough the Self-Employed Income Support Scheme was introduced to assist sole-traders whose income have been adversely affected. However, as slow as HMRC were to introduce the scheme it seems that they are not so slow at requesting its repayment. HMRC is especially focused on the fifth round of […]

Making Tax Digital (MTD) – Landlords and Sole Traders

For our article regarding MTD for VAT, click here. From April 2024, Making Tax Digital will apply to all sole traders and landlords who have a total income of over £10,000.00 per year. It will require them to submit quarterly returns and keep their accounting records digitally and ensure that where more than one piece […]

Making Tax Digital (MTD) – VAT

For our article regarding MTD for Individuals and Landlords, click here. Making Tax Digital was introduced to all VAT-registered businesses with turnovers of over £85,000.00 in April 2019. It required them to submit their VAT returns through MTD-compatible software and digitally store their VAT accounting records. From 1 April 2022, as part of HMRC’s ongoing […]