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TaxRefundPro - Tax Rebate Blog

Welcome to our blog, we'll try out best to keep you updated on the latest developments in the tax industry as well as pointing out some useful and interesting points around claiming you tax back.

Wear & Tear Tax Allowance For Furnished Lettings

landlords wear and tear tax breaks

Most landlords would already be aware of the ‘Wear & tear allowance’ for furnished lettings, but many are still confused about what it covers. According to HMRC, it refers to “the provision by the owner of plant or machinery, including furniture, for use in a residential property”. Because these items do not qualify for capital allowance, a deduction may be available for a wear and tear allowance.

Wear & tear tax allowance for Landlords

From 2011/2012 onwards, the wear and tear allowance is calculated as follows – it is 10% of the “relevant rental amount”, which is the net profit from the rental income less any expenses that the owner may have paid instead of the tenant i.e. Utility bills (gas, electricity, water); Council tax (or domestic rates in Northern Ireland).

First of all, landlords must...

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Tidy Up Your Tax Affairs When Leaving The UK

Tydy up your tax affairs when leaving the UK

Emigrating is a truly life-changing event, with so many important things to plan ahead. Most people who are serious about emigrating will carefully prepare their new life ‘down under’ in order to muster any chance of success. So you’ve sorted out your visa and a place to stay? Good. And you secured that new job too? Excellent. Packing & moving arrangements all done? Splendid!

Don't Leave Your Rebate Behind When Leaving The UK

Yet, many UK migrants overlook their ongoing responsibilities as UK tax payers – or worse, some choose to simply ignore them. Tidying up your tax affairs with HMRC when you emigrate doesn’t sound like fun but it is a necessary chore if you want to avoid Mr Taxman rearing his ugly head and causing you unnecessary headaches in future. And no, he will not let go if...

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HMRC Are Closing In On Undeclared Income

hmrc-closing-in

You may have spotted this poster or heard the radio campaign orchestrated from HMRC in an effort to reduce tax fraud. Their catchphrase ‘We’re closing in on undeclared income’ is no idle threat.

HMRC Closing In On Undeclared Income

Whilst HMRC acknowledges that ‘the vast majority of UK individuals and businesses pay the tax that is due’, the hunt is on for the ‘small minority who don’t’. Loss revenue for the Treasury blamed on tax evasion and avoidance is mind-numbing, worth an estimated £9 billion.

HMRC’s intended targets are not limited to ‘large multinational corporations’ and ‘wealthy individuals’ who use offshore and tax avoidance schemes. The warning is out there for...

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