Short-term property let: does HMRC need to know?
Many websites urge property owners to start earning from their home or spare room – but what they don’t always mention is that HMRC may want a piece of the action.
Many websites urge property owners to start earning from their home or spare room – but what they don’t always mention is that HMRC may want a piece of the action.
The way in which HMRC charges penalties for late VAT return submissions and late VAT payments has changed. All VAT return periods starting on or after 1 January 2023 will be caught under the new VAT penalty system.
Principal Private Residence Relief (PPR) is a relief that enables homeowners to sell their homes without having to pay capital gains tax (CGT). However, in order to claim the relief, the property must be the main residence of the person selling the property.
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.
Further changes are coming…..