Welcome to the May Tax Update. In this issue we take a look at the upcoming changes to Making Tax Digital for Income Tax, changes to the taxation of Non-UK Domiciled Individuals, Holiday Lettings and Property, VAT on Food or Confectionery; and events on the accounting horizon. MTD for Income…
HM Revenue and Customs (HMRC) has published draft legislation and a policy paper outlining the proposal for the abolition of the furnished holiday lettings (FHL) tax regime. This was originally announced by the previous Government and any hopes that this may be stalled by the new government are now laid…
Some self-catering holiday let owners are being asked to provide trade information The Valuation Office Agency (VOA) is contacting the owners of some self-catering holiday lets. The lets in question are ones that are currently being assessed for business rates. The VOA are looking for additional information about the income…
The Government has stepped up investigations into tax avoidance on income from holiday homes abroad. Thousands of landlords could be caught out for not declaring income from these overseas properties. Data from a Freedom of Information request has shown that tax on income from overseas rental properties has jumped by…