Property Tax – UK Property Accountants

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...

February 9, 2024

HMRC News Property Tax Self Assessment Tax Returns

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...

February 8, 2024

HMRC News Property Tax Self Assessment Tax Returns

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...

February 6, 2024

News Property Tax SDLT

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...

February 6, 2024

HMRC News Property Tax VAT

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...

February 5, 2024

Overseas Entities Property Tax UK agents

Filing Annual Update Statements Through UK-Regulated Agents

Filing Annual Update Statements is a mandatory annual requirement for all overseas entities registered in the United Kingdom. The primary motive of filing an annual update statement is to confirm that the information about the overseas entity is still intact...

February 2, 2024

HMRC News Property Tax

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...

January 31, 2024

HMRC News Property Tax

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...

January 30, 2024

HMRC News Property Tax Self Assessment Tax Returns

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...

January 29, 2024

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Category: Property Tax