Individuals who are taxed under PAYE and who do not complete an annual tax return may receive a tax calculation (on form P800) from HMRC covering the previous tax year.
The ‘Non-Resident Landlord Scheme’ (NRLS) requires persons who act as ‘representatives’ (agents) for the landlord to deduct basic rate tax from the net rent collected (rental income less expenses paid) unless the agent or tenant has authority from HMRC to pay the landlord gross.
From 6 April 2023 all unincorporated businesses will have to keep their business records in a digital format and submit quarterly reports derived from those records to HMRC using MTD-compatible software. These are the basic obligations under making tax digital for income tax self assessment (MTD ITSA).
The ‘Non-Resident Landlord Scheme’ (NRLS) is a scheme for taxing the UK rental income of non-resident landlords. Under the scheme basic rate tax (20%) is deducted from the net rent collected by an agent (less expenses paid). There is an exception to this where an agent/tenant has authority from HMRC to pay the landlord gross.
The SEISS is the main source of government funding for self-employed individuals who have been affected by the Covid-19 pandemic. Thus far, four SEISS grants have been made and the 5th grant is expected to open later this month with a claim deadline of 30th September 2021.