Landlords should realise that HMRC will know about their lettings through Airbnb, so full disclosure of all their taxable property income is essential, including for all prior years.
HMRC has made it easier for self assessment taxpayers to pay the tax they owe incrementally on a monthly basis, by extending the threshold for ‘time to pay’ applications, as part of efforts to ease financial stresses cause by the pandemic
Cash flow has been a real issue for many businesses over the last few months, and you might have found yourself in a position struggling to pay your taxes to HMRC. The good news is that HMRC are encouraging businesses and individuals to contact them to set up Time to Pay arrangements (TTP).
Depending on how businesses and self-employed individuals prepare their accounts, there could be unexpectedly large tax bills for those that have received small business or retail, hospitality and leisure grants during the pandemic as early as this tax year.
Online marketplace Amazon is to increase fees for UK sellers next month by 2%, in response to the introduction of the UK’s digital services tax (DST), in a move which is likely to increase costs for small businesses and traders who use the platform