Check your tax calculation
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.
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NRLS Scheme – Agents
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.
VAT for Covid Testing
HMRC has recently issued guidance which provides much anticipated clarification on the covid testing services and their liability to VAT. Further details can be found below.
Going digital in advance of MTD
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).
HMRC Advisory Fuel Rates Updated
The latest advisory fuel rates (AFR) for company car users have been published by HMRC. These are effective from 1 September 2021 and mileage rates have increased by 1p or more for all petrol and diesel vehicles.
Non-Resident Landlord Scheme
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.
Property Business Expense on Cessation
Where a property business ceases there is a relief for expenses incurred in relation to the business after it has ceased. The business typically would cease where the property is no longer let or is sold.
SEISS 5th Grant & Turnover Test
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.