Hannah Powe, Author at Newby Castleman

9th July 202515th July 2025

Tax compliance – is it your responsibility?

2 minutes to readIn a recent case brought to the tribunal, a taxpayer, Mr Hammant, was liable for penalties of £1,200 despite no tax being owed to HMRC. Mr Hammant filed his Self Assessment tax return online however the submission had not completed correctly which he did not discover until over a year later. He was signed up …

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9th June 202511th June 2025

It’s happening – Making Tax Digital for Income Tax

2 minutes to readIt’s finally happening – Making Tax Digital for Income Tax (MTD IT) is going live. Letters have been sent by HMRC to taxpayers who they believe will be within the scope for MTD IT which will be phased in from April 2026. With the original intention for MTD IT to be phased in from April …

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4th December 202413th January 2025

Tax and Property Owned Jointly

3 minutes to readSpouses or civil partners who own joint rental properties must ensure they are aware of the rules regarding the reporting of income to HMRC. This need-to-read case for married couples with jointly-owned property recently came before the Tax Tribunal. In the case a taxpayer, Mr Bevan, appealed against penalties for a failure to notify HMRC …

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18th October 20233rd January 2024

Capital Gains Tax and property: 60 days to declare

2 minutes to readThose selling or disposing of residential property in the UK should be aware of the 60-day deadline for reporting and paying Capital Gains Tax (CGT) to HMRC. Failure to do so will result in penalties. Who qualifies? UK residents have Private Residence Relief (PRR), so no tax to pay, if they sell a property that …

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19th June 202320th June 2023

Gaps in NIC records? New extension to 5 April 2025

< 1 minute to readOn 12 June 23, the government announced a further extension for those wishing to make retrospective payments to their National Insurance record. The new deadline for those wishing to fill gaps in their National Insurance Contributions (NIC), for the period from April 2006 to April 2016, is being put back to 5 April 2025. The …

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16th August 202216th August 2022

Capital gains tax: negligible value claims

2 minutes to readCapital gains tax: negligible value claims What would happen if an asset you bought becomes worth almost nothing? Maybe you bought shares just before the pandemic but they aren’t worth anything! When this happens, you could make a negligible value claim. This claim will allow you to crystalise the capital loss and give you the …

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5th August 20225th August 2022

Homes for Ukraine Scheme

4 minutes to readHomes for Ukraine Scheme – a new Government scheme which offers a lifeline for those who have been forced to flee their country. What is the Homes for Ukraine Scheme? Homes for Ukraine Scheme is a government-led initiative which allows homeowners & landlords to welcome Ukrainian refugees and their immediate families into their homes or …

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21st June 202221st June 2022

Cryptocurrency: the future for payments?

3 minutes to readThe Treasury recently announced that it intends to recognise stablecoins as a valid form of payment as part of wider government plans to ‘make Britain a global hub for cryptoasset technology and investment’. Here, we consider cryptoassets in greater detail. Outlining cryptocurrencies The government defines cryptoassets as ‘cryptographically secured digital representations of value or contractual …

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7th June 202221st June 2022

Basis period reform: it could impact your tax bill

3 minutes to readTax year 2023/24 brings important adjustments to the way tax liability is calculated for unincorporated businesses. The change is called basis period reform. Do I need to know about this? Yes, if you operate as a sole trader or in partnership, and your accounting year end is anything other than 31 March or 5 April …

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29th May 202221st June 2022

Holiday pay on tap: what you need to know about the Pimlico Plumbers

2 minutes to readEmployment status and employment rights are knotty issues. The employment status and associated rights of the workforce of Pimlico Plumbers Ltd have been battled out at the highest judicial levels for years. There is now another verdict. What is the takeaway message if you run a business with a labour force that doesn’t fit the …

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