From January 1st 2024, online marketplaces and digital platforms are legally required to collect data on sellers and their income, and pass it to HMRC.

This will make it easier for the taxman to crack down on anyone selling through the likes of Vinted, eBay etc. and not notifying HMRC even if their total earnings are less than the personal allowance.

HMRC have changed the way penalties are calculated for late filing and/or payment of VAT returns. This includes nil and repayment claims.

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Under the new regime late submission penalties will work on a points-based system.

For each return you submit late, you will receive a penalty point until you reach the penalty point threshold. When you reach the threshold, you’ll receive a £200 penalty.

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If you own a property that you rent out, be it a flat or house or a holiday let, you may have to pay Capital Gains Tax (CGT) when you sell the property.

The rules relate to whether you are a UK resident; if you live abroad or have dual residency for tax purposes etc, then the rules are more complex; please contact us at clients@mhrconsultancy.co.uk 

The deadline is 31st July 2023. If you want further advice or for MHR to check your State Pension forecast etc. please contact us at clients@mhrconsultancy.co.uk

HMRC during Covid relaxed the rules on working from home allowances due to the unusual circumstances we faced. However, they are now tightening up on this area back to the original rules.

Find out about how the amount of child benefit money you are entitled to falls once you or your partner earns more than £50,000 a year. You repay 1% of the benefit for every £100 of income you earn above £50,000 

Find out what you need to do to be compliant at each stage of the employee life-cycle. 

Read about a new form P87 to help standardise tax relief on work-related expense claims.