I’m sure a lot of you would rather not have to engage with a tax advisor to get your affairs up to date each year. Believe it or not the Chartered Institute of Taxation believes the same. For spring 2025, the Government has committed to announcing a package of measures to simplify tax administration and […]
Category Archives: HMRC and Policy
Mervyn King (the darts player, not the ex governor of the Bank of England) has said he is bankrupt due to tax liabilities. He seemingly spent many years collecting winnings not realising that “winnings” were taxable as earnings. The cynics reading will be asking him to pull the other one but it is surprising how […]
I ran this as a poll in my Landlord Tax WhatsApp Group (join below!) after being asked it by one of the members. The simple answer is yes! Before we get on to the reasoning how did the group do? Well out off 11 respondents 9 got the answer right and 2 got it wrong. […]
Regular readers will be sick of me talking about this but I just spotted that HMRC have issued a video on their YouTube Channel confirming that very few properties will be able to qualify for a reduction in SDLT. As they highlight in the video (it’s only a few minutes long!) that scammers are […]
This very common question came up again recently. Married couples (and indeed civil partners) have something slightly unusual about the way they are taxed. Ever since independent taxation was introduced (in the early nineties from memory!?) there has been a rule that states the income from jointly held property will always be taxed 50/50 […]
I’ve posted before about all the ways HMRC can find out what you’re up to. I’ve also said that in the budget last year Rachel Reeves said HMRC were adding 5,000 compliance officers to the workforce. You also know that I was on the radio yesterday where I reminded people about this. […]
There are many ways you can be fined as a landlord. Some obvious and some not so obvious. In the news this week I saw that someone had been fined £30,000 for not following HMO licensing rules. Fines don;t have to be this extravagant of course. You might just be one of the […]
If you have took a while to bring a property to market you will have some costs from before you started receiving rent. I was speaking to a chap last week in precisely this position. He has been gradually working on a property for a couple of years and it is now ready to […]
So let’s say someone close to you has passed away and they were a landlord. You have been left the let property as part of their will and at some point you need to start declaring rental income on the money received. How and when? It is actually quite complex and depends on precisely […]
SO let’s say someone close to you has passed away and they were a landlord. You have been left the let property as part of their will and at some point you need to start declaring rental income on the money received. How and when? It is actually quite complex and depends on precisely […]