Chancellor Philip Hammond announced 13 consultations in his Spring Statement on 13 March 2018. Here are 5 of the key consultations revealed: VAT registration threshold A review has been launched into the design of the VAT threshold, amid concerns it may currently be disincentivising small businesses from growing beyond a £85,000 turnover. Cashless and digital.. read more →
… or Making Tax Difficult as I prefer to call it ! The government has back-tracked on their original proposal to digitise taxpayers’ affairs. The original plan, to have most self-employed traders and landlords uploading accounts and VAT data from April 2018, was scrapped. The new plan, delayed until April 2019, requires traders registered for.. read more →
With the 31 January tax return deadline just around the corner, HMRC has revealed the ‘Top 10 oddest excuses’ for sending in a late return. The following bizarre, exotic and flimsy excuses have all been used by tardy taxpayers: My pet goldfish died (self-employed builder) I had a run-in with a cow (Midlands farmer) After.. read more →
A look, with working examples, at pre-letting expenses and the issue of whether repairs are a capital or revenue expense. Profits from UK land or property are treated, for tax purposes, as arising from a business. The broad scheme is that rental business profits are computed using the same principles as for trades (ITTOIA 2005,.. read more →
Several of my clients have recently told me that they’ve been receiving emails, supposedly from HMRC, inviting them to click links within the emails in order to apply for tax refunds. Regrettably, some have confirmed that they did indeed click the links then log onto fake HMRC websites, which looked every bit real to them,.. read more →
Recent Blog Entries
- 10 Jan 2017Good excuse for being late submitting your tax return ?With the 31 January tax return deadline just around the corner, HMRC has revealed the ‘Top 10 oddest...
- 16 Nov 2016RENTAL INCOME – When are pre-letting expenses allowed?A look, with working examples, at pre-letting expenses and the issue of whether repairs are a capita...
- 23 Mar 2016The BudgetSome of the key announcements in the Spring 2016 Budget : Residential Landlords A number of changes...
David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation