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: Tax
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 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 […]
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 […]