New HMRC rules to prevent deliberate non-payment of PAYE

Starting from 6 April 2012 HMRC will be able to ask employers to pay a financial security if they think there is a serious risk that the employer will not pay their PAYE tax deductions or National Insurance contributions on time. This financial security will be determined individually depending on the amount of tax at … Continued

Taxation of UK Rental Income

If you are in receipt of UK rental income you are required to complete and submit an income tax return to HM Revenue and Customs (HMRC). A potential tax liability arises on the net rental income received from the properties i.e. rent less expenses. Allowable expenditure includes rates, insurance, repairs and any utility usage not … Continued