16,000 landlords admit to underpaying tax as HMRC cracks down on buy-to-let Tax office recoups £42m from property investors in 2018-19 Thousands of landlords have admitted to underpaying tax on their rental income, an increase of 145% compared with the previous year. In 2018-19, more than 16,000 landlords voluntarily told […]
The taxpayer was defeated over a penalty due for late registration but was aided by the application of HMRC’s secret ‘liable no longer liable’ concession. The FTT case of Stanley Chmiel (TC07112) was a routine win for HMRC. His company Kudos Building and Electrical Services Ltd was late registering for […]
The owner of a Surrey restaurant who used stolen VAT money to pay her children’s school fees has been jailed. Huey Jun Khoo, along with her business partner Jing Fu, used an off-the-record card machine at the Bon East Chinese restaurant in Farnham to pocket £180,000 in VAT over four […]
Life has become very tough for amateur landlords in recent years. Tax changes, tighter regulations, lending restrictions – you name it, the buy-to-let property sector has been hit by it. But one entity is very happy indeed about the squeeze on landlords: the UK government. How George Osborne killed the […]
The new tax year starts on today and in general taxpayers will have more money in their pocket after increases to allowances come into force. Those selling shares or buy-to-let properties, however, will be hit hard. Increases to the tax-free personal allowance announced in last year’s Budget come into effect, […]
Many nations, particularly Scandinavian countries, are currently trying to embrace a cashless future where physical money is replaced with digital. RT talked to experts about the upsides and downsides of such a move. While some see a cashless society as the future, it will take years or maybe decades to […]
HM Revenue and Customs has agreed to set out details of how the collapse of the its contract with US outsourcing firm Concentrix to tackle tax credit fraud and error has affected performance following a recommendation by MPs. In its official response to a Public Accounts Committee report examining HMRC’s […]
Some 700,000 people failed to submit on time – if you missed the self assessment deadline, here’s what you need to know Millions of people will be breathing a sign of relief today after just about making HMRC’s tax return deadline. But for others, it’ll be a day of panic […]
Hundreds of thousands of private-sector contractors face higher tax and National Insurance (NI) bills from April 2020. The chancellor announced that tighter tax rules for those working in the public sector will be extended to those working for private firms. The rules, known as IR35, are designed to hit those […]
Launched in Autumn 2013, this is HMRC’s longest running campaign Disclosures under the LPC allow tax payers to rectify their affairs in respect of undeclared income or gains relating to rental properties and holiday lets Making a voluntary disclosure, or assisting HMRC in their enquiries can lead to a reduction […]