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Many taxpayers taxed under self assessment may not be aware that HMRC self assessment phone service was closed for three months, opening on 4 September. HMRC has been piloting a new seasonal model for the self-assessment helpline by directing queries to the departmentβs digital services. The intention was to enable 350 of HMRC’s staff to
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VAT registration is compulsory for any UK established persons who are in business and make or intend to make taxable supplies should either one of the following tests are satisfied: Historical test Under the ‘historical test’, if taxable sales have exceeded Β£85,000 in any rolling 12-month period, the business must register within the next month
Recent tax changes, in particular the interest restriction for unincorporated property businesses with residential lets, have resulted in more landlords operating via a property company. Running a property business through a company has a number of advantages β the rate of corporation tax paid on the profits will usually be less than the rate of