west london accounting | G&C Accounting - Ealing, West London https://gnc-accounting.co.uk Local Accountants You Can Trust Mon, 15 Jan 2024 10:40:15 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 https://gnc-accounting.co.uk/wp-content/uploads/2017/05/160x160--65x65.jpg west london accounting | G&C Accounting - Ealing, West London https://gnc-accounting.co.uk 32 32 HMRC Rental Income Investigations https://gnc-accounting.co.uk/1134-2/ Sun, 14 Jan 2024 22:50:10 +0000 https://gnc-accounting.co.uk/?p=1134

HMRC Rental Income Investigations

Recently, we have been hearing from our new and existing clients about letters they received from HMRC to investigate if they have been getting property income without declaring.

HMRC currently employs a system to investigate rental property income that hasn’t been declared by taxpayers. This process is part of their commitment to ensuring compliance with tax regulations and maintaining a fair and transparent tax system. HMRC utilises information from third parties and open-source materials, such as from news, social media, Companies House, Land Registry etc. to identify discrepancies in individuals’ tax declarations.

In cases where rental property income is suspected to be undeclared, HMRC initiates investigations, but first they will contact you to confirm in writing whether you have or have not received property income.

Depending on the information you provide, HMRC will decide how to proceed. Obviously, failure to comply with tax regulations and declare rental income can result in penalties, fines, and legal consequences.

If you have received a letter from HMRC and unsure what to do next, get in touch with us as soon as possible. We understand that it can cause some anxiety but rest assured, we would be able to provide you with the best support and advice how to proceed.

]]> Do you need to complete a Self Assessment tax return this year? https://gnc-accounting.co.uk/do-you-need-to-complete-a-self-assessment-tax-return-this-year/ Mon, 04 Sep 2023 07:02:05 +0000 https://gnc-accounting.co.uk/?p=1100

If you are unsure if you need to submit a Self Assessment tax return, get in touch with us for help. We work with clients in West London, including Acton, Hammersmith, Chiswick, Ealing, Hanwell and any surrounding areas and have experience in all accounting matters.

You can also check HMRC’s online tool to check if you have to return your tax assessment.

Normally, you need to complete tax return if:

  • are newly self-employed and have earned more than £1,000
  • have multiple sources of income
  • have received any untaxed income, for example earning money for creating online content
  • earn more than £100,000 a year
  • earn income from property that they own and rent out
  • are a new partner in a business partnership
  • are claiming Child Benefit and they or their partner have an income above £50,000
  • receive interest from banks and building societies (more than £10,000)
  • receive dividends in excess of £10,000
  • need to pay Capital Gains Tax
  • are self-employed and earn less than £1,000 but wish to pay Class 2 NICs voluntarily to protect their entitlement to State Pension and certain benefits

If you are not sure if you fall under one or more of these categories, contact us – we are waiting to hear from you for friendly, jargon-free advice.

]]> VAT and Brexit: Implications for you https://gnc-accounting.co.uk/vat-and-brexit-implications-for-you/ Thu, 19 Sep 2019 13:15:17 +0000 https://gnc-accounting.co.uk/?p=800

VAT and Brexit: Implications for you

Obviously Brexit has been the most often discussed topic in this country over the last few years, and especially this month, with the expected date of 31st October going ahead. Brexit creates a number of uncertainties for everyone, and one of them is the situation with taxes. Below we try to explain some basics how the firms and VAT they pay will be affected. It will be mainly dependant on the fact whether these are taxes defined in the EU legal framework or no.

Contact us if you want to learn more about specific aspects of it.

VAT is subject to total harmonisation in the EU and feeds into the EU budgets, so most Brexit scenarios will affect it. In case of no-deal Brexit, the UK companies cannot access a range of tools and measures used previously, such as

  • The EU Mini One Stop Shop (MOSS) portal to report and pay VAT on sales of services – and goods to private consumers in the EU
  • The foreign VAT reclaim procedures within the EU that use electronic portals. (This means that the UK companies will need to use another VAT reclaim procedure and we’re happy to support you if you need any help in this area)
  • Several simplification measures, for example, the ones for chain supplies etc.

Low value consignment relief (LVCR) would also be affected, meaning that packages below £135 sent into the UK would be subject to import VAT.

In case of no-deal, UK businesses should register for VAT through a representative in the EU.

While postponed accounting will be introduced for some of the UK businesses so VAT can be included in their next return, for many businesses it is a confusing and uncertain period and we are only happy to guide you through potential effects of various Brexit scenarios.

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