Where a landlord runs an unincorporated property business, the profits from that business are charged to income tax. Where the business is carried on through
Where a property is let out, there are likely to be periods when the property is empty, either between tenants or, in the case of
During the covid pandemic HMRC suspended many of their debt collecting activities. However, as the UK emerges and economic activity resumes, HMRC has restarted their
A shareholder/ director is permitted to withdraw monies from the company’s bank account as salary, bonus or dividend (or possibly a loan’). However, there are
The taxation of profit from furnished holiday lets (FHL) could be termed a ‘hybrid’ of taxes. The operation of a FHL is deemed to be
Under the PAYE ‘Real Time Information’ scheme employers report to HMRC electronicallybefore making any salary or wage payments. To ensure that the right amount of
The government receives its tax money on different dates depending upon the type of taxcharged. Taxpayers taxed under PAYE usually pay their tax bills monthly;
Companies Limited by Guarantee (CLG) are private companies that do not have shares orshareholders but instead have members called ‘guarantors’. The members agree to contributea
If you already own at least one property and you buy a residential property in England orNorthern Ireland, you may have to pay the stamp
When it comes to let properties, furnished holiday lettings (FHL) are a special case andbenefit from a number of concessions not available to standard lets.
Where a chargeable gain arises in respect of a UK residential property, since April 2020, thegain must be reported to HMRC and a payment made
A full single tier state pension is payable to people who have 35 qualifying years. Individualswho have less than 35 qualifying years, but at least
Under the current rules for determining which profits of an unincorporated business aretaxed in a particular tax year, some profits may fall to be taxed
Not all types of income are equal from a tax perspective, and savings income enjoysdedicated allowances, tax rates and reliefs which allow a taxpayer to
The January self-assessment payment deadline is not well timed, falling as it does in amonth when people may be already struggling to pay their Christmas
The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January2022 if a late filing penalty is to be avoided. The
Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) ofmost assets. However, if the disposal is of ‘business assets’
Throughout an accounting period a director will withdraw monies from the company againstthe director’s loan account (DLA), the withdrawals being satisfied usually by the taking
If you are self-employed and you received Covid-19 support payments during the pandemic,you may need to report these on your self-assessment tax return.If you are
A landlord will normally take a deposit from a tenant when letting a property to cover the cost of any damage caused to the property
Copyright © 2025 Pro-Taxman. All rights Reserved.
