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Tax Tips and News

  • HMRC questions claims for Lettings Relief

    Newsletter issue – February 2023 If you have claimed lettings relief to reduce the capital gains tax (CGT) payable on the disposal of a let property after 5 April 2020, you should expect to receive a letter from HMRC asking you to amend your tax return to remove that claim. The conditions for lettings relief…Read More

  • How to challenge a K-code

    Newsletter issue – February 2023 The PAYE system should deduct approximately the right amount of tax from your salary so that you do not have further tax to pay on that income. However, it assumes that your income remains steady from year to year. This may not be the case. If you have a PAYE…Read More

  • Reporting crypto profits and losses

    Newsletter issue – February 2023 HMRC defines crypto assets as: "cryptographically secured digital representations of value or contractual rights that can be transferred, stored, and traded electronically". The various 'tokens' that have been created including Bitcoin, Litecoin, and Ether are all virtual, they exist only on computer servers. The tax law hasn't been written to…Read More

  • HMRC is chasing down the gig-economy

    Newsletter issue – February 2023 HMRC is writing to online sellers, gig economy workers, and influencers, asking them for unpaid taxes. There are two versions of the HMRC letter. This letter is directed to those who sell goods, or their own services, through an online marketplace. This will include people who sell items on eBay…Read More

  • February Questions and Answers

    Newsletter issue – February 2023 Q. One of my let properties required extensive repairs to cure a damp problem. The tenant was on an assured tenancy, so we reached an agreement under which I paid her to vacate the property, to allow the repairs to be carried out. The flat was relet after the repairs…Read More

  • February Key tax dates

    Newsletter issue – February 2023 1 - Individual taxpayers who have not paid their remaining tax and NI liabilities for 2020/21 by this date face a further penalty of greater than 5% of the tax showing as due on the return. Individual taxpayers who have not filed their 2020/21 self-assessment tax return by this date…Read More

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