Posts Categorized: Uncategorized

HMRC To Go Through Those Capitalising On Summer Sports Events

As Wimbledon commences alongside with other summer sporting events, HMRC is looking to scrutinise those who has undeclared income from websites such as Airbnb. The rise of the website Airbnb has provoked opportunities for residents living nearby major sporting events to offer short-term lettings as they seek to capitalise. As a result, HMRC is keen… Read more »

Decrease In Number Of Available Buy-To-Let Properties

People who can’t afford to buy a house have no choice but to rent properties. These alongside the legislative changes in the sector mean that the number of rental properties is decreasing. Scotland has seen the highest fall with a 34.7% decrease in available properties to rent between July 2001 and June 2017 whilst Wales… Read more »

£1.5bn Worth Of Inheritance Tax Collected By HMRC

A record of £1.5bn has been collected by HMRC through inheritance tax receipts this year. In comparison to last year’s collected inheritance of £4.7bn, this is an increase of 9% as a result of growing property tax values and frozen threshold rate of £325,000 since April 2009. From April, a nil-rate band for a family… Read more »

London Landlords Face Highest Costs In UK

London landlords face average costs of £6,535 per property per year excluding mortgage costs and tax or 32% in rental income. This is twice the national average cost for a landlord of £3,632 per year which equates to 34% of incoming rent due to rents being lower than London rent prices. South East landlords have… Read more »

NHS Revises IR35 Guidance for Off-payroll Medics

Due to the dispute over the new payment arrangements, the NHS regulator has revised its guidance on the application of the IR35 tax rule changes for NHS agency staff that includes doctors and nurses. The NHS Improvement Guidance stated that their priority is to help encourage NHS providers to ensure that the agency staff pay… Read more »

Manchester United As The Most Valuable Football Club

Manchester United surpassed Real Madrid for the first time in the ranking of Europe’s 32 biggest clubs. It is estimated that the Europa League Champions is worth up to €3.2bn (£2.8bn), making them the first club to surpass the €3bn threshold. Compared last year, Manchester United only ranked equal with Real Madrid. They needed to… Read more »

100% Tax On Foreign Player Signings

The Chinese Football Association (CFA) has announced a 100% tax on the signings of foreign players in order to control transfer fees. The new policy will come into effect from the beginning of June which means that any loss-making clubs that are buying foreign players will have to pay the same amount as the transfer… Read more »

Unmarried Pensioners Who Live Together Miss Out On Tax Benefits

The tax system still categorises the public into single people living alone and married people living together. Yet, despite the growth of cohabiting couples most of which are pensioners, most of the tax benefit rules still do not recognise cohabitation. Tax Benefits that don’t apply to cohabiting couples: Inheritance Tax (IHT) When married couples pass… Read more »

Single Property Landlords Hit By Buy-To-Let Changes

62% of the UK’s landlord population are single property landlords which is around 1.5 million of the estimated 2.3 million landlords. However, due to the introduction of new tax rules for buy-to-let landlords, they will be pushed into the higher income tax bracket according to the National Landlords Association (NLA). Currently, the average annual mortgage… Read more »

Why You Need To Hire An Accountant  

  One of the constant dilemmas of sole traders and small business is deciding whether to do the accounting work yourselves or to bring in an expert into the business. Employing any professional service including an accountant can be expensive. However, accountants can sure eliminate your workload and therefore, give you more time to concentrate… Read more »