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...
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...
National Insurance and Income Tax Changes 2024
In a recent announcement during the Autumn Statement, Chancellor Jeremy Hunt revealed a significant cut in National Insurance (NI) for approximately 29 million workers. While this news may bring relief to many, it’s essential to understand the broader context of...
Strategic Accounting Measures to Navigate Section 455 Tax Charges on Director Loans
Embarking on a financial journey through the intricacies of director loans and navigating Section 455 tax charges requires strategic acumen. In this financial labyrinth, experts unveil a nuanced approach that introduces a breath of fresh air—leveraging accounting adjustments to create...
2024 Rental Market: Experts Optimistic Amidst Challenges
In light of a challenging year with escalating rents and limited housing options, industry experts foresee a more positive outlook for renters in 2024. Data from housing specialists indicates a potential recovery in the 2024 rental market, with the ratio...
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