I was asked this week to give an indication of tax due on a property sale. The chap asking said he had already had someone out that had given him a figure. Based on a quick fact find I said I thought his figure was too low. We went through the details and figured out what was […]
Category Archives: Tax
A common thing to happen among landlords is that as they age they decide to start passing properties down the generations. Often this crops up in the “any other news” part of a chat as something that happened a while back. I ask if the gain on the gift was declared and people look […]
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. […]
I get this one a lot. A couple will be sitting in front of me giving me a run down on their exciting plans for growing their property portfolio. They plan to get married but aren’t yet. We cover all of the usual questions in the fact find then I ask them what their wills […]
I went to see a new client late last week and she told me how upset she was that she could not afford to pay her tax bill on her rental income. Now I am seeing a lot of landlords with tax bills of over 100% so this is not the first time I have […]
Every year a staggering amount of people get fined for not submitting their tax returns. This year was no exception. HMRC have published the numbers here. Not surprising the highest volume of returns was received in the last working hour of the tax year with 732,498 returns going in between 4pm and 5pm. What now […]
I’ve been helping a client with some capital gains calculations. They provided a breakdown of their property costs from their accountant and at first I was pretty impressed that they’d actually kept the details. On inspection though it became clear that the list of expenditure, kept solely for the purposes of working out the capital […]
We’re told that in the information age that any answer you need is out there and you just need to find it. Is that really the case though? Elon Musk of all people has said in recent years there is no reason not to be able to learn new skills now due to the abundant […]
I don’t put much stock into the tax news shared by pundits but sometimes they do realise important issues. Martin Lewis has hit the news over recent days warning that websites are now sharing data with HMRC. He mentioned Air BnB. This isn’t new however. Air BnB, along with other bookings portals and regular hughstreet […]
If you are waiting for HMRC to send you an acknowledgment that they agree your tax return you will be waiting a long time. Why is that? Classic public sector tardiness? Nope! They don’t agree returns. We have a system of self assessment. That is you calculate and report your tax position. That’s it. That […]