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Reporting income from property has become more complex in recent years with the restriction on mortgage interest relief for income tax and the limitation of capital gains tax reliefs. Accurate reporting is important but so is careful structuring of any property holdings to minimise your tax liability.

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Latest blog posts

Tax Return Deadline Extended

Ian Marlow

Tax Return Deadline Extended With days left before 31 January, HMRC’s chief executive Jim Harra has finally conceded that HMRC will extend the tax return deadline and will not charge late filing penalties for  online tax returns submitted by 28 February. He stated that this  will 'give [taxpayers] the breathing space they need to complete and...

£4.6 billion lockdown grants announced

Ian Marlow

Following a rapid rise in COVID infections, from yesterday 5th January 2021, England has been placed into a new lockdown and now the Chancellor has announced £4.6 billion of new lockdown grants to help support businesses forced to close. The lockdown in England is expected to last until March with a review not due to...

Tax Return Penalties 2021

Ian Marlow

HMRC have responded to a letter from all the main accounting bodies to extend the January 31st tax return deadline this year and remove tax return penalties. HMRC’s chief executive Jim Harra said to do so would encourage some taxpayers to file late despite being able to do so in time. HMRC will not waive late...