HMRC’s pilot of Making Tax Digital (MTD) for income tax has been extended and is now able to accept quarterly updates from individual landlords with simple tax affairs. Agents can also sign up clients to pilot.
The latest extension means that certain taxpayers will be able to opt out of the current self-assessment regime and use software to report their income tax if at least one of the following applies:
– the taxpayer is a sole trader with income from one business; or
– they rent out only UK property but…
HMRC have released interim guidance for agents on the new EU Mandatory Disclosure Rules and new reporting requirements for intermediaries, which apply from June 2018.
Under the new mandatory EU tax disclosure rules, information will be exchanged between member states on a quarterly basis. Intermediaries will first have to report by 31 August 2020, on any arrangements where the first step has been taken, after the directive enters into force on 25 June 2018.
Broadly, the EU directive on administrative cooperation applies to intermediaries who design, market, organise, or…
The Association of Taxation Technicians (ATT) is warning that owners of second homes and buy-to-let (BTL) landlords may face a much shorter period in which to pay any capital gains tax (CGT) due on property sales from April 2020.
Where CGT is due, a disposal is normally reported to HMRC in a self-assessment tax return. Under self-assessment, any CGT must be paid by 31 January following the tax year of disposal.
The government has noted that (depending on the timing of the sale within a tax year) this allows residential…
HMRC’s new Trusts Register is designed to provide a single point of access for trustees and their agents to register and update their records online, replacing the paper 41G(Trust) form (which was withdrawn from April 2017) and the ad hoc process for trustees to notify changes in their circumstances. Initially, new trusts had until 5 October 2017 to register, but this deadline was subsequently extended to 5 January 2018. The registration deadline for existing trusts was also extended to 5 March 2018. Registration must be done online using…