Tax Returns for Landlords and Furnished Holiday Let Owners

Over the last few years, the buy-to-let market has grown substantially and with it, many landlords have been able to profit from the ever-increasing rental income and record low interest rates. However, landlords are often tempted to file their own tax returns to cut down on costs. The cost of filing inaccurate returns can be far greater. Seeking professional advice can reduce the amount of tax you pay.

HMRC Still Unfairly Targeting Family Businesses

Despite being widely criticised for unfairly targeting 12,000 smaller businesses HMRC
have announced that they will continue with their controversial business records checks.
Whilst HMRC initially emphasised the educational aspect of their business records checks
the reality is that they are compliance checks that can result in the collection of additional taxes.
Marshall Smalley Accountants advise all clients that it is essential to take advice from the outset
to ensure businesses are properly prepared before a business records check takes place and manage the whole process as far as possible.
So if you receive a letter from saying they would like to arrange a visit make sure you
take advice before acting.

HMRC has announced that electricians will be the next group targeted as part of its crackdown on tax evasion.
The Electrician's Tax Safe Plan will be launched in February 2012 and will offer favourable terms
for electricians to come forward and declare their unpaid tax.
Following this, HM Revenue & Customs will target those in the trade who have not come
forward.
If you any undeclared income then seek advice from Marshall Smalley Accountants and take action whilst
you can.

HMRC Targets Fashion Houses

Letters have been issued by HMRC to a number of Fashion Houses and designer labels warning against non-payment of the national minimum wage.
Letters are expected to go out again in line with London’s Fashion week in February.
Put things right now to avoid penalties later or even prosecution for non compliance.
Contact Marshall Smalley specialist Tax advisor for help.