It may come as no surprise to learn that HM Revenue & Customs (HMRC) have started writing to those taxpayers who may have incorrectly completed the property pages on their tax return specifically in relation to the amount of tax relief that can be obtained on residential property finance costs.
On 23 March 2021, the UK government held its first-ever ‘Tax Day’ whereby it published a series of tax documents and consultations. It is all a part of a move to strengthen policymaking and to help create a more “trusted, simple and modern tax system”.
Did you know that you will be liable to a 5% penalty in addition to interest charges if your tax is paid more than 30 days late?
The UK tax year ends on 5 April and so February and March can provide a last-minute chance to save some tax with a bit of careful planning.
If you inherited a property that you then sold for less than the property was valued upon death, you could get a refund for the difference of the Inheritance Tax.