NEWS Catch up with the latest in accounting news
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Catch up on the latest news in accounting here, from cutting edge bookkeeping technology to self-assessment updates.
Are you ready for 31 January 2023?
There are now less than 50 days to file your 2021-22 Self-Assessment tax return. Last year over 12.5 million taxpayers were required to complete a Self-Assessment tax return but over 2.3 million
Digitisation of tax postponed
A statement was made by the Financial Secretary to the Treasury on 19 December 2022. It confirmed that the roll-out of Making Tax Digital for Income Tax, due to commence April 2024, is being delayed.
Tax on property you inherit
If you inherit property, you are usually not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets
The Rent a Room Scheme
The rent-a-room scheme is designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do not
Post-cessation receipts and expenses
Tax relief may be available for post-cessation expenses of a trade. In order to be an allowable post-cessation expense, the trade must have ceased, and the expense must have been deductible in
Collecting tax from wealthy taxpayers
An updated briefing which looks at how HMRC deals with wealthy individuals has been published. The briefing looks at helping wealthy individuals to comply with their tax obligations and also what
Mortgage payment support
The Chancellor, Jeremy Hunt, recently hosted a meeting at 11 Downing Street to discuss what help may be available to support homeowners who encounter problems paying their mortgage. The meeting was
Using the HMRC app to make Self-Assessment tax payments
A new press release from HMRC has revealed that more than 50,000 taxpayers have used the HMRC app to make Self-Assessment tax payments since February 2022. Payments can be made safely and securely
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