HMRC believes that not everyone is paying the correct amount of tax, estimating what it terms as ‘the tax gap’ as being ‘4.8% of total theoretical tax liabilities, or ยฃ35.8 billion in absolute terms, in the 2021 to 2022 tax year’. HMRC appreciates that not all this money is purposely withheld (as in fraud or […]
Many businesses begin by buying a customer list from another similar business, sending out marketing adverts rather than waiting to build their own client base via recommendation. A business can also expand by buying a customer list. However, a customer list is usually more than just a list of customer names and contact details. It
Despite 4.2 million couples being eligible for the tax break, only 1.8 million are claiming the marriage allowance (MA) โ a benefit worth ยฃ252 a year. The main reason for not claiming is probably because those eligible are either unaware of the allowance or, if they are aware of it, think they are not eligible.
The cost of living crisis has impacted on peopleโs ability to take holidays and short breaks. If you are a landlord letting a furnished holiday let (FHL), you may find that the downturn in bookings means that you are unable to pass the occupancy tests for your let to qualify as an FHL for tax
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is introduced from 6 April 2026 From the outset, it will apply to unincorporated traders and landlords with annual business and/or property income of ยฃ50,000 or more. It will be extended to unincorporated traders and landlords with business and/or property income of ยฃ30,000 or
