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HMRC might want a slice of your Commonwealth Games rental income
Personal TaxDuring the Commonwealth Games many people looked for an income boost by renting property to spectators etc. If this includes you, why might you receive a letter from HMRC?
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Property gains reporting error
Personal TaxIf you're trying to report a gain on a UK property using the 60-day return, you may hit a stumbling block that gives an error message. However, the Institute of Chartered Accountants in England and Wales (ICAEW) has found a potential solution. What’s the full story?
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Were coronavirus and childbirth reasonable excuses for lateness?
VATA company paid its VAT bills late. The director argued that there was a reasonable excuse due to coronavirus, and his partner giving birth. HMRC rejected this, so he appealed to the tax tribunal. What was the outcome?
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Another rise in penalty interest rates looms
Business Tax, Personal TaxYet another increase in the various rates of interest HMRC charges on unpaid taxes will kick in from 15 August. What is affected and what will the new rates be?
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Trust registration penalties eased
Personal TaxNon-taxable trusts need to be registered with HMRC’s Trust Registration Service by 1 September. What happens if you miss this deadline?
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Fixing a property return anomaly
Personal TaxWhere a disposal of residential property results in a tax bill, it has to be reported to HMRC within 60 days on a property disposal return (PDR). However, some individuals missed this requirement and have been unable to do so retrospectively because a self-assessment return has been filed in the meantime. What’s going on and what should you do in this situation?