HMRC uses a number of different measures to help determine whether an activity is a trade irrespective of whether the activity leads to a profit or a loss. This includes looking at whether an activity
Hobbies and artificial trades
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Tax Diary March/April 2022
1 March 2022 – Due date for Corporation Tax due for the year ended 31 May 2021.
2 March 2022 – Normally Self-Assessment tax for 2020-21 would need to be paid by 2 March or a 5% surcharge would be
Don’t miss out on this tax allowance
HMRC is using Valentine’s Day to issue a reminder to married couples and those in civil partnerships to sign up for the marriage allowance – if they are eligible and haven’t yet done so.
The marriage
Challenging your council tax band
The Valuation Office Agency (VOA) is a government body in England and Wales and an executive agency of HMRC. The Agency values properties for the purpose of Council Tax and for non-domestic rates in
Beware online rip-offs
Source: Other Tue, 15 Feb 2022 00:00:00 +0100
Option to tax (VAT) land and buildings
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent
Car fuel benefits for employees
The car fuel benefit rules only apply to company cars that attract a car benefit tax charge. This means the rules do not apply to fuel provided for use in an employee’s own car.
However, employers
Paying tax underpayments via tax code
One of the less well-known ways of paying your Self-Assessment tax bill is to do so through your tax code.
This can only be done where all the following apply:
you owe a Self-Assessment balancing
Donations to overseas charities
Taxpayers who make donations to charities in other countries can qualify for tax relief in the UK under certain circumstances. This means that UK charitable tax reliefs are available to certain
Support with rising energy bills
The Chancellor, Rishi Sunak delivered a statement to the House of Commons on 3 February 2022 announcing a number of measures to help people cope with fast rising energy costs.
Record increases will
19% fail to file on time
HMRC has confirmed that more than 10.2 million people submitted their 2020-21 Self-Assessment tax returns by the 31 January deadline. This leaves over 2.3 million taxpayers or 19% that have missed the
Extending MTD for Income Tax to businesses and landlords
The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is now set to commence from April 2024. MTD for ITSA will fundamentally change the way businesses, the self-employed
How to join MTD ITSA pilot
Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the MTD for ITSA. Under the pilot, qualifying landlords and
Preparing a charity annual return
The Charity Commission requires that charities registered in England or Wales must send an annual return to report their income and expenditure. The deadline for charities with a standard 12-month
Income Tax set-off of rental business losses
Where a property business makes a loss, the loss can usually be carried forward and set against future rental business profits. HMRC’s guidance is clear that any losses made in one rental business
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