OpenRent Community

Tax day announcements

Looks like we are off the hook on capital gains tax and pension tax relief changes for now!

But they are consulting on ‘more timely’ tax payments which could, presumably, mean self assessment tax being paid earlier based on the MTD quarterly filings…
Timely Payment – The government is publishing a call for evidence to begin to explore the opportunities and challenges of more frequent payment of income tax within Income Tax Self Assessment, and of corporation tax for small companies, based on in-year information.”

And beware your pretend holiday let…
Strengthening the self-catering accommodation criteria for business rates – The government will legislate to change the criteria determining whether a holiday let is valued for business rates to account for actual days the property was rented, following a previous consultation. This will ensure that owners of properties cannot reduce their tax liability by declaring that a property is available for let while making little or no actual effort to do so. Further details of the change and implementation will be included in the Ministry for Housing, Communities and Local Government’s (MHCLG) response to the consultation on the business rates treatment of self-catering accommodation which will be published shortly.”

Details here