ALL THINGS TAX.

This months blog is about a win we secured at the Tax Tribunal earlier this month. The case in interesting for a variety of reasons, but the most important lesson we can learn is to stand your ground when faced with an unreasonable HMRC officer.

The Office of Tax Simplification has just released its proposals to simplify the Capital Gains Tax (CGT) regime by bringing the rates at which tax is paid on gains in line with those charged on income tax.

It’s important for Landlords to realise that HMRC will know about their lettings through Airbnb, so full disclosure of all their taxable property income is essential, including for all prior years.

The question small business owners may well ask is how are they going to afford higher tax bills when many are already struggling to make ends meet as a result of substantially reduced income streams over a number of months since lockdown started.

Do not be intimidated by the letter or notice, and do not assume that because it has come from HMRC that it must be right. It also has to be said that occasionally some tax Inspectors simply choose to ignore the rules.

We all know the world of tax is a minefield, and businesses in any industry that don’t regularly review their finances run the risk of being either non-compliant or paying more tax than they need to.

We all know the world of tax is a minefield, and businesses in any industry that don’t regularly review their finances run the risk of being either non-compliant or paying more tax than they need to.

He had been told repeatedly not to worry and that everything was in hand however, as we were to find out later, nothing was further from the truth.

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