Have you paid enough tax on property profits?
HMRC is writing to individuals it suspects may not have paid enough tax on profits from real estate. What should you do if you receive a letter?
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New HMRC guidance on winter fuel payments
HMRC has released new guidance on the recovery of winter fuel payments. What do you need to know?
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Festive tax breaks for remote workers
You’re familiar with the tax break for Christmas parties but you now have a few remote workers, and the company will need to reimburse their travel and accommodation costs if they attend an event. Which costs count towards the tax-free limit and how can you manage any overspend?
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New process for some exports starting in Northern Ireland
Starting next month, businesses that import goods via Northern Ireland will need to change their processes. What do you need to know?
HMRC often sends nudge letters to individuals who may not have declared income or capital gains, and this time, it is targeting profits from letting activities and capital gains from the sale of properties. Anyone who receives such a letter will be asked to check that they have correctly reported property income and/or capital gains and paid any tax due. If they haven’t, individuals can either call HMRC or use an online disclosure facility to bring their tax affairs up to date. This should be done as soon as possible and must be done within 30 days of the date of the letter.
Those that have correctly reported and paid their taxes still need to respond to HMRC to confirm as such within 30 days of the date of the letter. Otherwise, HMRC will open a compliance check which could lead to higher penalties if tax has been underpaid.
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