If, like most people, you jump to Google every year to figure out how to pay your tax maybe do it different going forward. I’ve mentioned the HMRC App before but on 31st January, the day when more people pay tax than any other day, it’s worth a quick mention again. Why? Well you can […]
Monthly Archives: January 2025
No. But also yes. The tax return basically lumps everything in to relative few boxes with whole loads of things combined in to boxes together. Box 24 on the property page for instance is the total of “Rent, rates, insurances and ground rents”. That covers a lot and HMRC only need to have a single figure. […]
When you sell a property the proceeds are normally fairly easy to establish. What if the property was inherited though? What is the deemed cost? Well it’s actually easier than you think. The value of the property at the date of death of the person that left it to you will be your deemed cost. […]
I love to learn but often the act of learning is tedious. I send newsletter but really don’t like to read! Go figure! For me one of the best ways of learning is to mingle with my peers and hear a good speaker or two. Luckily that’s what is happening this Thursday in Newcastle! My […]
HMRC are trying to do something huge. They want everyone with self employed income and property income to report their earnings quarterly. Considering the difficulties of collecting the information annually this is an interesting and very ambitious plan. They recently updated their guidance on who can do what. Three-line accounts If your turnover (income before […]
I was working with a landlord client today getting the final information for their tax return and something strange happened. They told me that they would rather overpay income tax than have HMRC look in to their affairs. Now you might say that is a reasonable approach if you have huge complex affairs and the […]
It’s not your fault. It really isn’t. Tax is simply a topic just like anything else. Why then would it be any easier or harder to get to the bottom of!? No matter what your area of expertise you will likely read the press, watch the TV, read a blog and pick fault with a […]
Forums, socials, magazines. They are all filled with mighty tax and SDLT claims. Most crumble fairly readily under the scrutiny of anyone with any tax knowledge at all but some do make it right through to the tribunal and court systems. I have already talked about the comprehensive list of cases win by HMRC and […]
I can remember all the changes in state pension ages when I was just setting out in to the working world. In 1995 the state pension age was equalised for men and women and as a bright young 19 year old this made me think. From about then I decided it would be easier to […]
The tax treatment of Furnished Holiday lets (or SAs as you might know them) is changing and from 6th April 2025 they are going to be treated much like any other residential letting. So you will lose so nice tax advantages. You get to keep the VAT charges on the rents however. The ending of […]