With resources stretched at HMRC at the best of times, but even more so currently, they are writing ‘nudge letters’ to taxpayers to encourage them to check their returns, but the copy that’s sent to tax advisors doesn’t necessarily tell us who they have written to.
A tax expert has stepped in to clear up confusion over Capital Gains Tax (CGT).
HMRC uses data from many sources such as banks, land registries, and Companies House to cross-check information reported on self assessment tax returns. If HMRC’s computer finds a mismatch between the third party data and your 2018-19 tax return you may receive a letter asking you to review your return.
Whitley Stimpson recommends transparency over taxable lettings income to Airbnb hosts in order to avoid penalties.
Whitley Stimpson advises non-resident corporate landlords to be ready for upcoming changes in taxation from 6 April 2020
Recent changes to the taxation of UK property held by non-UK residents have meant a fundamental reshuffle of tax planning in the lettings market.