31 January 2024 Deadline for Hybrid LLPs: Withdrawal and Settlement Considerations
As the 31 January 2024 deadline for Hybrid Limited Liability Partnerships (LLPs) approaches, participants are facing pivotal decisions. Recent letters from HMRC have brought attention to the ongoing scrutiny of Less Tax for Landlords, the planning provider in focus. While some seek...
HMRC’s VAT Investigations Yield £11.4bn: Uncovering Unpaid Taxes Surge
In a noteworthy surge, HMRC’s VAT investigations witnessed a 23% increase last year, as the tax authority launched a robust campaign with 104,900 probes targeting unpaid VAT. The intensified efforts, particularly focused on mid-sized businesses, resulted in the recovery of...
Side Hustle Tax Trends: Regional Insights and a 1,415% Search Surge
The quest for information on “side hustle tax” has skyrocketed by a staggering 1,415% within a 72-hour period. This surge in searches is a direct result of growing concerns surrounding the reporting rules on HMRC’s online platform. Platforms in the...
Freemasons’ £2.8m VAT Case Loss: Legal Battle
The United Grand Lodge of England (UGLE), the world’s oldest Grand Lodge of Freemasons, recently faced a setback in its appeal for a £2.8m VAT refund on membership fees. The case revolved around UGLE’s contention that it should be exempt...
Last Call: 5.7M Taxpayers on the Brink of Missing the Self Assessment Deadline
As the January 31 self assessment deadline approaches, a significant 5.7 million taxpayers find themselves in a scramble to meet their 2022/23 obligations. What adds to the challenge is the limited telephone support from HMRC, leaving many taxpayers and agents...
Claiming Child Benefits Goes Digital: Streamlined Process for Modern Parents
In a significant leap towards modernisation, HMRC has announced the digitisation for claiming child benefits, ending the era of paper applications that have persisted since the service’s inception in the 1970s. New parents can now conveniently claim child benefits online,...
Online Seller Tax Regulations: New Reporting Rules for Platforms like Airbnb, eBay, and Vinted
Are you earning from online ventures like selling clothes or renting out your space? Brace yourself for tighter online seller tax regulations starting January 1, as platforms like Vinted, Airbnb, and eBay are now mandated to share transaction details with...
HMO Licensing Gets Stricter with New Licence Requirement
A new licensing scheme for Houses in Multiple Occupation (HMOs) has been implemented in Royal Greenwich from January 1, 2024. This initiative, focusing on smaller HMOs, mandates landlords to obtain additional licensing for properties where three or more residents from...
Tribunal Ruling Exposes Scheme to Cut SDLT Bills
In a recent ruling by the Upper Tribunal, property owners utilising a tax avoidance scheme to cut Stamp Duty Land Tax (SDLT) bills have been held liable. Dating back to property purchases as early as 2010, buyers employed a marketed...
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