As the economy emerges from the pandemic, we should expect a sea change in HMRC’s approach to recovering tax debt.
Personal tax: should you declare the income from your side hustle?
Homemade cakes, up-cycled furniture, jewellery and pet portraits… over the last year, furlough and flexible working has afforded people more time to turn their hobby into a nice source of extra income. But what’s the position on side hustles and tax?
The impact of the big Budget tax freeze
There were no dramatic announcements in the Budget on personal tax, capital taxes or pensions. But Chancellors can create considerable change with low-key tactics, and the Budget tax freeze on various rates and allowances until 2026 will still affect many people.
Furnished Holiday Lettings: Why we’re counting the days
Furnished holiday lettings (FHLs) have their own tax treatment which is reliant on a set of strict day-count rules. With the impact of COVID-19 on occupancy levels, business owners may need to take stock of their position.
A reminder about the 30-day tax payment window for residential property sales
Since April 2020, any Capital Gains Tax due on the sale of residential property must be paid within 30 days. We have seen a number of cases recently where vendors have not been made aware of the requirement by their solicitors or agents.
Principal Private Residence relief – Home is where the dog is
Financial gains made on the disposals of residential property will usually trigger liability for a capital gains tax (CGT). The exception to this rule is when you dispose of your main home, thanks to principal private residence relief (PRR).
Tax, tables and automobiles – Claiming for working from home expenses
The COVID-19 lockdown saw a surge in the numbers of employees working from home. Many staff have yet to return to their place of work and may not for some time. We provide the answers to frequently asked questions about tax and working from home expenses.
The option to defer your Self Assessment payment on account
If you are struggling to pay your second Self Assessment payment on account this month because of the coronavirus, you have the option to defer paying until January 2021.
Tax Investigation Service – protect against the costs of an HMRC enquiry
There are many reasons why you might be selected for a visit from HMRC, including simple bad luck. While you may not be able to avoid a visit from the taxman – you can avoid the cost of professional fees incurred over the course of an HMRC tax investigation.*
Tax tips for farming businesses – partnerships and capital expenditure
The end of the EU Common Agricultural Policy in the UK is set to bring huge changes to the farming sector. Now is a great time to review your plans for the future of your agricultural business, and think about how you will achieve them. Here, we look at the tax advantages of partnerships and why the timing of big business decisions is so important.
Business waste disposal: New Landfill Tax risk
Landfill Tax may not be a key concern for every business but it’s worth knowing that, since 1 April 2018, waste disposal at unauthorised sites may now be taxable.
Paying tax on income from abroad
Honesty is, of course, always the best policy, especially when declaring your income and gains for tax purposes. HMRC are bringing in tough new penalties for UK taxpayers who fail to tell them about income from abroad on which UK tax may be due.
40 years of service, and counting…
Over the last few weeks, three members of the team at RfM Preston have celebrated big work milestones, putting in an impressive 40 years of service between them. We asked Diane, Richard and Alison to tell us about how life at RfM has changed over their time at the practice.
The death of a spouse – ISAs and the Marriage Allowance rules
Personal finance experts estimate that almost nine out of ten savers may be missing out when a spouse or civil partner dies because they are not aware of the rules for ISAs and the Marriage Allowance.
Slow and steady is a winning formula for Sprintprint
1991 was the year that hundreds of mysterious crop circles appeared in farmers’ fields across the UK, the government introduced TESSA’s and Mr Blobby started (and ended) his pop career. That same year, two friends from Preston decided to start their own printing business in the city. Back then, they could not have predicted how radically their industry would change over the next quarter century – or that RfM Accountants would be joining them on their business journey.
