Multiple Dwellings Relief to be Abolished: Find out the Changes Announced in the Budget Statement
Chancellor Jeremy Hunt presented the Budget Statement and made some shocking announcements. Among the changes, most people were surprised by the abolition of Multiple Dwellings Relief. Below are the key highlights announced by Jeremy Hunt. One of the key highlights...
HMRC Downtime Announced for Essential Services in February 2024
In a recent update from His Majesty’s Revenue and Customs (HMRC), a scheduled maintenance period has been announced, impacting several key services. The planned HMRC downtime is set to occur on specific dates in February 2024, affecting crucial functions related to VAT...
One to Many Letter: Undeclared Distributions by HMRC
HMRC’s proactive approach unfolds with a targeted One to Many letter campaign, spotlighting taxpayers potentially overlooking income from distributions or dividends. Precision analysis of company accounts guides the identification of individuals facing potential reporting gaps. Unveiling Financial Oversight Embarking on...
Tax Returns Soar: A Record 11.5 Million Filed by Deadline
A historic achievement unfolded as 11.5 million taxpayers successfully submitted their Self Assessment tax returns for the 2022 to 2023 tax year, setting a new record, according to the latest revelation from HM Revenue and Customs (HMRC). Successful Tax Returns...
Residential Property Tax Hits Pre-Pandemic Levels Of £15bn
The stamp duty land tax (SDLT) has experienced a remarkable resurgence, reclaiming pre-pandemic heights and reaching an impressive £15.4bn. This achievement is notable, given the challenges posed by fluctuating property prices and the impact of varying interest rates. Despite the...
Online Agent Authorisation: HMRC Stops Service for VAT Clients
HMRC is discontinuing the legacy VAT for agents’ registration feature on the Online Agent Authorisation (OAA) service starting February 16, 2024. Agents seeking VAT representation authorisation must transition to the Agent Services Account (ASA) using a digital handshake. Transition to...
Late First-Time Homebuyers: Trends and Challenges Revealed
As property prices surge, an increasing number of individuals are deferring their inaugural home purchase until their 50s or later. A mortgage specialist conducting an analysis of Financial Conduct Authority (FCA) data uncovered a noteworthy 29% surge in Late First-Time...
HMRC Tax Investigations: £89 Million Recovered through COP 9
In the last year, HMRC tax investigations have intensified, conducting 1,091 investigations under COP8 and COP9. The results were significant, with a total revenue of £161.4 million, comprising £89 million from investigations and £72.4 million from COP8 probes. Tax Investigations...
Self Assessment Tax Return Submission For Last Minute Filers
Navigating the intricacies of last-minute Self Assessment Tax Return Submission, especially close to HMRC’s 31st January deadline, can be a daunting task. In this guide, we provide essential advice to ensure a smooth filing process and help you meet the self assessment...
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