HMRC’s Late Payment Interest Rate Soars to 7.75%
HMRC has raised its late payment interest rate to 7.75%, the highest since 2001, effective from August 22, 2023. The adjustment applies to various taxes, including income tax and National Insurance contributions. Despite the increase, HMRC maintains a 4.25% interest...
Landlords Grapple with Dual Challenges: Rising Interest Rates and Section 24
Landlords face a financial squeeze with rising interest rates and Section 24 restrictions. Many are at a breaking point, prompting considerations like exiting the rental business or ownership restructuring. The surge in rates, reaching 5.25% from 0.1% since March 2020,...
Average House Prices Experience Decline Amid Housing Market Challenges
The UK housing market saw a 0.3% dip in July, marking the fourth consecutive monthly decline, particularly affecting Southern regions. Annual data shows a slight improvement with a -2.4% decrease. First-time buyers prefer smaller homes amid rising borrowing costs, while...
Landlord Exodus Evident as CGT Statistics Surface
Landlord Exodus Evident as CGT Statistics Surface: A wealth management firm analyzes fresh government data on Capital Gains Tax (CGT) and reveals a trend of landlords leaving the buy-to-let sector due to various factors, such as tax regulations, mortgage rates,...
Property Developer Sentenced to Prison for £295,000 Invoice Fraud
Property developer Allan Livesey from the Lake District received a three-year prison sentence for orchestrating an elaborate invoice fraud, swindling a finance company out of £295,000, underscoring the severity of fraudulent actions and the legal repercussions they carry.
Bank of England Raises Interest Rates to 5.25% Amid Soaring Prices and Easing Inflation
The Bank of England raises its interest rate to 5.25% to tackle the issue of inflation.
HMRC Pursues Uber for £386m VAT Bill
Uber faces a tax dispute with the UK’s tax authority, HM Revenue and Customs (HMRC), as the latter demands an additional £386 million in VAT payments. The disagreement revolves around Uber’s use of the Tour Operators Margin Scheme (TOMS) for...
Urgent Registration Required for Short-Term Let Landlords in Scotland
Scottish landlords operating short-term lets, like Airbnb hosts, face an urgent deadline for property registration under new licensing rules, aiming to elevate safety standards and avoid penalties.
UK’s Holiday Accommodation Sector Poised for Robust Growth in 2023
The UK's holiday accommodation sector, after facing setbacks in 2021 due to the pandemic, showcases strong signs of recovery and growth in 2022, offering an alluring opportunity for investors aiming to diversify their property portfolios.
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