Have you reduced your rent or let family and friends stay in one of your properties during the pandemic?

Tax implications of uncommercial lets There are various circumstances in which a landlord may let a property at rate which is below the current market rate or, indeed, allow the…

Continue Reading Have you reduced your rent or let family and friends stay in one of your properties during the pandemic?

While some parts of life are on hold, unfortunately there are still tax deadlines! Employers have until 6 July 2020 to tell HMRC about taxable benefits and expenses provided to employees in 2019/20 – find out more in our blog.

Reporting expenses and benefits for 2019/20 Employers who provided taxable expenses and benefits to employees in 2019/20 need to tell HMRC about them by 6 July 2020, if they have…

Continue Reading While some parts of life are on hold, unfortunately there are still tax deadlines! Employers have until 6 July 2020 to tell HMRC about taxable benefits and expenses provided to employees in 2019/20 – find out more in our blog.

If you have a holiday let but are worried you won’t meet the occupancy test this year, all is not lost. There are two routes by which it may be possible to reach the required occupancy threshold – an averaging election or a period of grace election.

Furnished holiday lettings – What can you do if you fail to meet the occupancy tests due to the Covid-19 pandemic? Lets that qualify as furnished holiday lettings (FHL) enjoy…

Continue Reading If you have a holiday let but are worried you won’t meet the occupancy test this year, all is not lost. There are two routes by which it may be possible to reach the required occupancy threshold – an averaging election or a period of grace election.

Reporting employment income earned abroad on a self assessment tax return

Pro-taxman in Hounslow strongly advises that you initially need to determine your residency status for the tax year in question. This is decided using the ‘Statutory Residence test’. Assuming you…

Continue Reading Reporting employment income earned abroad on a self assessment tax return

What to do if you need to change your tax return

You made it and filed your self-assessment return for 2018/19 by the 31 January 2020. However, having felt pleased with yourself, you realise to your horror that you have made…

Continue Reading What to do if you need to change your tax return

Making the most of pension tax allowances

Pension savings can be tax efficient as contributions to registered pension schemes, attracting tax relief up to certain limits. Limit on tax relief Tax relief is available on private pension…

Continue Reading Making the most of pension tax allowances

Renting out a property at a rate below the commercial level might sound like a great idea – but it might cost you dearly if you try to seek tax relief for your expenses!

Properties not let at a commercial rent There may be a number of reasons why a property is occupied rent-free or let out at rent that is less than the…

Continue Reading Renting out a property at a rate below the commercial level might sound like a great idea – but it might cost you dearly if you try to seek tax relief for your expenses!