HFM TAX BLOG

02.09.2017

Tax Enquiries

Tax enquiries are on the increase and HMRC’s income from compliance enquiries  rose to record levels in 2016-17. The increase amounted to £2.3 billion so you can see how seriously HMRC are taking tax compliance! What can you do to protect yourself? Obviously, take care in preparing and filing your tax return, although many people we come[…..]

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26.08.2017

The New Landlords Interest Restriction

The new landlords interest restriction limits tax relief for finance costs on residential properties to the basic rate of Income Tax. This is being introduced gradually from 6 April 2017. Finance costs cover mortgage interest, interest on loans to buy furnishings and fees incurred when taking out or repaying mortgages or loans. No relief is[…..]

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19.08.2017

Paying Voluntary NICs

Paying voluntary NICs (national insurance contributions) can make a difference to your entitlement to your state retirement pension and certain other state benefits. There are various reasons as to why gaps may arise in your NIC record – you may have had low earnings for several years, been living abroad, or  been unemployed and have[…..]

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12.08.2017

Tax on Income and Assets Abroad

HMRC have recently sent out notifications regarding tax on income and assets abroad. They want taxpayers to be aware that tax authorities  are sharing a range of data on financial accounts, and will be using that data to check that all income has been properly declared.  HMRC is receiving an unprecedented amount of information about […..]

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30.06.2017

What happens if you can’t pay your tax on time?

It’s nearly time to pay the second payment on account. What are the consequences if you fail to pay a Self Assessment tax payment on time. If you are facing cash-flow issues, and cannot see how you can afford to settle part, or all of your tax payment due 31 July 2017, what is the[…..]

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23.06.2017

When does a hobby become a trade?

An example may illustrate the answer to this question. Harry updates his iPad and decides to sell his old one – he does not use the iPad for his employment or any business, it’s used purely for recreational purposes. He sets up an account on eBay and manages to sell for a reasonable price. Encouraged,[…..]

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