Capital expenditure and the cash basis
The cash basis is the default basis of accounts preparation for landlords with annual rental income of £150,000 or less running unincorporated property businesses. Under …
Passing on the investment property
A landlord will need to consider whether it is better to pass on an investment property during their lifetime or on their death. Here, we …
Simple assessments – What are they?
In the last few months, some taxpayers who possibly have had no dealings with HMRC previously have been receiving letters headed ‘Simple Assessments’. The letters …
When an incomplete VAT invoice is issued
VAT-registered businesses can generally reclaim VAT invoice on goods and services purchased for business purposes. However, for a claim to succeed HMRC requires valid evidence …
Registering late for self-employment – The tax implications
Having made the big decision to start a self-employment business, there will be countless decisions and administrative tasks to attend to. Informing HMRC of the …
Self-Assessment after bankruptcy
Self-Assessment after bankruptcy where a taxpayer has been made bankrupt, their Unique Taxpayer Reference (UTR) expires at the end of the tax year in which …
Contacting HMRC
A taxpayer may need contacting HMRC if they have a query about their tax affairs. There are various ways in which this can be done. …
Temporary reduction in VAT on children’s meals and certain attractions
On 21 May 2026, the Chancellor announced a temporary reduction in VAT applied to children’s meals and admission to certain attractions. It does not apply …
July payment on account and what to do if you need to reduce it
Taxpayers within Self-Assessment must make payments on account towards their next tax and Class 4 National Insurance bill if the tax that they owed for …
Contact from HMRC – Is it genuine?
HMRC use a range of communication methods, as do fraudsters. Consequently, it can be difficult to be certain that a call, email, letter or text …
Cash basis for landlords
As for unincorporated trading businesses, the cash basis is the default basis of accounts preparation for landlords running an unincorporated property business. However, unlike traders, …
Extracting profits as rent
Where a business is run through a personal or family company, the directors/shareholders will need to extracting profits if they are to be used personally. …
