Since 2007 rental deposits have had to be protected by an authorised deposit scheme. HMRC have access to this information. Stamp duty If you paid stamp duty land tax (STLT) when you bought the property HMRC will know about it. Electoral register HMRC use the electoral register to establish ...
This allows owner-occupiers and tenants to receive tax-free rental income if you provide furnished accommodation in your only and main home. This is particularly useful to Airbnb landlords who also live in the property. Where can GoSimpleTax help? At GoSimpleTax, we understand the work that ...
Let Property Campaign (LPC) The LPC is one of HMRC's largest nudge letter campaigns and formal disclosure routes. It is aimed at individual landlords who need to disclose undeclared rental income from UK residential property. Although it cannot be used by companies or trusts, any landlord with ...
MTD for Income Tax is the next step in the MTD timeline from HMRC. From April 2026 if you have an income of over £50,000 annually, from self employment or property rental, you'll need to use MTD compatible software to: Keep digital records ...
property rental trusts and estates VAT By identifying the most common errors this may prompt a conversation between you and your clients to make sure submissions are correct. Tax disputes If your client is in dispute with HMRC over an appealable tax decision, you may be interested in HMRC’s...
Triggering of the mixed partnership rules in terms of which LLPs are prohibited from allocating income to different partners in certain ways. NewCo's income being caught by the transfer of income streams rules. IHT consequences linked to a property rental business falling within the exclusions ...
Make your cheque payable to 'HM Revenue and Customs only . Enter the exact value of the cheque, and you can add a reference at this point like birthday money for example. Banks will allow you to cash or deposit a personal check for someone else. She is also a Certified Educator in Per...
Since 2007 rental deposits have had to be protected by an authorised deposit scheme. HMRC have access to this information. Stamp duty If you paid stamp duty land tax (STLT) when you bought the property HMRC will know about it. Electoral register HMRC use the electoral register to establish...
Instead, the housing associations are expected to be able to obtain increased funding through third party sources, from the increased rental stream, from the conversion of existing property to Affordable Rent and from new Affordable Rent property. As well as the difficulty in sourcing debt from ...
Then there is the government’s flagship programme to make tax digital, which already requires some businesses to keep digital records and provide VAT returns through software. From April 2023 landlords and the self-employed with property or business income of more than £10,000 a year will be...