Category: financial advice
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Tax Advice: How to Avoid Costly Tax Mistakes
Tax can become complicated when you have different sources of income, own rental property, sell investments or run a business. Getting the right tax advice can help you understand your responsibilities, claim the allowances you are entitled to and avoid mistakes that could lead to unnecessary tax bills or penalties. You do not necessarily need…
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HMRC Help Number: 7 Essential Contacts to Get the Right Help Fast
HMRC Help Number: How to Contact HMRC and Get the Help You Need Trying to find the correct HMRC help number can be frustrating, particularly when you have a tax question that needs answering quickly. HM Revenue & Customs (HMRC) deals with several different types of tax, and each department has its own telephone number,…
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HMRC eBay Fine Warning: Does eBay Report Your Sales to HMRC?
If you sell items on eBay, you may have seen a warning asking you to provide your tax information or heard that HMRC is checking online sellers more closely. This can be worrying, especially if you have been selling clothes, electronics, furniture or other unwanted items from your home and are concerned that you might…
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Property allowance UK – 2026/27 guide
Is the 1000 property allowance per property or per person? If you earn rental income in the UK, the £1,000 property allowance is available per person, not per property. This means each individual can claim up to £1,000 of property allowance each tax year, regardless of how many properties they own. If your gross property…
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Can I put rental income in my wife’s name?
Yes, but only if your wife is legally entitled to that rental income. You cannot simply choose to put all of your rental income in your wife’s name to reduce tax. HMRC taxes rental income based on who actually owns the beneficial interest in the property, and there are special rules for married couples. If…
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Bills of Exchange fraud
Can You Pay HMRC With a ‘Bill of Exchange’? The short answer is no. HMRC does not accept Bills of Exchange as a way to pay off tax bills. If a company or promoter tells you that you can use a Bill of Exchange to legally wipe out your HMRC debt, they are misleading you—it…
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How far back does HMRC go for unpaid tax?
If you’re worrying about an old tax mistake, you probably want to know exactly how far back HM Revenue & Customs (HMRC) can look into your affairs. The short answer is: it depends on why the tax wasn’t paid. Generally, HMRC can go back 4 years for innocent mistakes, 6 years for careless errors, and…
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How much is the fine for not declaring rental income?
If you’re a landlord in the UK and haven’t declared your rental income to HMRC, the fines can range from 0% to 100% (or even more for offshore income) of the unpaid tax, depending on why the income wasn’t declared and whether you tell HMRC yourself or they find out first. Understanding the Penalties HMRC…
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How to declare previous years rental income UK
If you need to fix your tax records for past rental income in the UK, the best and safest way is to use HM Revenue and Customs (HMRC)’s Let Property Campaign. This is a special scheme that allows you to voluntarily tell HMRC about unpaid taxes, correct your record, and pay what you owe with…
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Unexpected HMRC Savings Tax Bills? Here is What to Do Next
If you have just received an unexpected letter from HM Revenue & Customs (HMRC) asking for tax on your savings interest, do not panic and do not ignore it. Here is exactly what you need to do right now to sort it out: Why did I get this bill? For a long time, interest rates…
