Monthly Archives: July 2018

HMRC cracks down on second home sales

 

 

 

 

 

 

HMRC is writing to over 1,500 people who have sold a second home or buy-to-let property in the 2015-16 tax year but not declared a profit on which capital gains tax would potentially be liable. The letters, of which the wording is still being finalised, will ask recipients to explain why they have not paid the tax that HMRC’s computer models indicate they owe.

Chas Roy-Chowdhury of the ACCA said the HMRC initiative should serve as a “wake-up call” to existing and former landlords or owners of second homes, some of whom may not realise they owe tax.

If you believe this is something that may affect you, disclosing your knowledge before HMRC contact you to charge a penalty fee will be in your favour.

We can help you make a full disclosure to HMRC and guide you through the process to settlement and negotiation of the penalty.

If you would like to discuss this further, please contact  Julie Walsh on 01254 679131 or via email at julie.walsh@pmm.co.uk.

Is your business ready for Making Tax Digital?

Making Tax Digital (‘MTD’) for VAT is the first phase in what is intended to make the UK tax system more streamlined and will bring about major changes to affected businesses.

As part of the new legislation, businesses that are VAT registered and trading over the VAT registration limit on 1 April 2019 will be required to keep their accounting records digitally and submit their VAT return to HMRC through MTD compatible software. This means businesses will no longer be able to submit manually through the HMRC gateway.

It is vital that all affected businesses are aware of their obligations relating to these changes and the processes which need to be put in place to make them compliant.

We are urging all UK business owners to consider their options now to ensure that they are compliant in time for the deadline of 1 April 2019. PM+M have already helped numerous clients prepare for MTD and will continue to support businesses as they start the process to comply with HMRC’s new rules.

We would be more than happy to answer any questions you have about MTD and advise you on the best route to take for your business. Please feel free to:

  • Read our helpsheet
     
  • Attend one of our FREE Making Tax Digital seminars to find out more about the implications of MTD:

Tuesday 4 September
PM+M, Greenbank Technology Park, Challenge Way, Blackburn, BB1 5QB (register your place here)

Tuesday 11 September
East Lancashire Chamber of Commerce, Red Rose Court, Clayton Business Park, Accrington, Lancashire, BB5 5JR (register your place here)

  • Call into one of our FREE MTD drop-ins – with no appointment necessary, call into our offices from 9am – 5pm on one of the below dates for a free consultation with a specialist MTD consultant who will talk you through your next steps and provide guidance on which software to use and how / when to implement this into your business:

Wednesday 18 July
PM+M, Greenbank Technology Park, Challenge Way, Blackburn, BB1 5QB (register your place here)

Thursday 9 August
PM+M, 9A Finsley Gate, Burnley, BB11 2HA (register your place here)

Friday 17 August
PM+M, Waterfold House, Waterfold Business Park, Bury, BL9 7BR (register your place here)

  • Get in touch with us for a consultation on how to prepare for MTD, which will be followed by software set up and training – we would welcome the opportunity to sit down with you to discuss your options in more details. Once you have chosen your preferred cloud software package, we will then provide you with setup assistance, alongside ongoing support whenever you need it. We will also train you and your team on the best ways to use whichever system you have decided to use.

For any further information, help or advice with your Making Tax Digital requirements, please do not hesitate to contact us on 01254 679131 or email MTD@pmm.co.uk