In an effort to reinforce tax compliance among property owners, HM Revenue & Customs (HMRC) has revitalised its initiative targeting rental income. This campaign, which saw a pause during the COVID-19 pandemic, is now being pursued with renewed vigour.
Recently, we've seen a notable increase in inquiries from landlords across various UK regions following HMRC's outreach. These individuals have reached out to us after receiving HMRC correspondence seeking updates on their rental tax affairs. Tax management can often be a complex area for landlords, particularly in understanding and meeting their tax obligations. One common area of confusion is the requirement to declare income derived from property rentals. Additionally, HMRC is actively sending reminders to those with second properties, signaling a clear intent to scrutinise undeclared income from such rentals. Another challenging aspect for property owners is navigating the intricacies of Capital Gains Tax. This becomes particularly complex for those who have previously occupied their rental properties, as claiming Principal Private Residence (PPR) relief involves specific conditions and calculations. Our expert team is well-equipped to assist landlords in evaluating and addressing these tax-related concerns. We provide guidance to ensure compliance and help in rectifying any potential issues. We are here to support you in managing your property tax responsibilities. Contact us today at 0121 440 4242 for professional assistance. In the coming months, we'll outline how businesses can navigate the economic challenges and opportunities. Here we summarise key points from the much anticipated 2023 budget.
Business and trade
Taxation and wages
All the key changes in taxation
As the UK is still in the process of recovering from Brexit and the COVID-19 pandemic the country is facing an acute economic challenges due to the cost of living crisis led by the Russia-Ukraine war. The chancellor has unveiled his final Autumn Budget 2022 to overcome the economic turmoil due to high inflation, and lower economic growth which has resulted in a higher cost of living for the British public. Here are the key points from Chancellor Jeremy Hunt’s statement below: Autumn Budget 2022-Summary for Individuals
Autumn Budget 2022 Summary For Small Businesses and Corporation Tax:
Conclusion In our opinion, the chancellor could have offered more support to small businesses and investors as small business owners will face uncertainty in next year due to the higher inflation and higher wages payment. Investors will be paying more tax. For example, real estate developers and property owners will be facing real challenges next year due to the higher interest rate and higher capital gain tax. There have been very few giveaways and investments in infrastructure, however, the headlines have been dominated by tax hikes and the increase in the national living wage. Many critics said the chancellor has been reckless with the tax rises which will result a lower growth to the economy. |
AuthorSyedain & C0 Archives
November 2023
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