Blick Rothenberg, chartered accountants, warns individuals that HM Revenue & Customs is looking out for taxpayers renting homes near the tennis or the cricket and not declaring the income. Stefanie Staplton, assistant manager at Blick Rothenberg, comments: 'The rise of websites such as Airbnb demonstrates the popularity of short-term lets but taxpayers should bear in mind that if potential customers can see their advertisements online, so can HMRC.'
Source: i (The paper for today)
Following the warning that HMRC will be looking for any undeclared income on taxpayers renting their homes to fans and players for Wimbledon or the Cricket, Stefanie Stapleton, assistant manager at Blick Rothenberg, and Frank Nash, partner at Blick Rothenberg, comment the following:
Stefanie says: 'Many people could be on to a real winner. Simply renting their house out for two weeks could pay their mortgage for the whole year and this summer will be no exception. For example, Wimbledon properties are being rented from £950 a week for a one-bedroom apartment to £9,000 a week for a five bedroomed house.'
Frank comments: 'Goss receipts of up to £4,250 may be earned before tax is due. This limit applies to a tax year and whilst it can be reduced to £2,125 if the property is owned jointly, it is not reduced according to the lettings period.'
Nimesh Shah, partner at Blick Rothenberg, comments on how the tax reforms also affect large numbers whose shareholdings are in joint ventures structured for legitimate commercial reasons and how they are currently unable to claim entrepreneurs relief on the sale of their holdings.
One of his clients was currently in this position. He says: 'The individual holds his 50 per cent stake in a joint company with his business partner, but would now not qualify for entrepreneurs relief if he sold up - potentially costing up to £1.8 million in lost relief.'
Source: Financial Times
The conference was organised by market research consultants, Enviacon, which was held at the Headquarters of Blick Rothenberg LLP in London.
Source: Electronics Weekly
Blick Rothenberg attended the first in a series of events during London Technology Week: 'Ensuring investment is a catalyst, not a catastrophe'.
Blick Rothenberg's experts, with a track record with high-growth tech businesses, were on-hand to answer funding and financial management issues throughout the evening.
Blick Rothenberg has partnered with Tech City News, Channel 4 News and The Investors Chronicle to launch a £100,000 startup competition.
Nilesh Shah, head of tax at Blick Rothenberg, says: 'Young tech companies often fall at the first hurdle, not because the technology they have developed is poor but simply because they have not put in place the right financial infrastructure nor have the right mentor as the business is growing. Our role in this project is to provide advice and guidance around finance and tax but also use our considerable experience of dealing with tech companies to mentor founders on the disciplines of running and growing a business.'
Following the announcement that the new marriage allowance can be claimed, Robert Pullen, personal tax manager at Blick Rothenberg, comments on whether the administration involved is worth doing so.
Paul Haywood-Schiefer, personal tax senior at Blick Rothenberg, comments on an article in the Sunday Telegraph: Ask an Expert, about whether there is any financial advantage to asking an employer to pay you gross instead of pay-as-you-earn.
Source: The Sunday Telegraph
Nimesh Shah, partner at Blick Rothenberg, comments on personal allowance tapering and how it could affect millions of taxpayers across the income spectrum.
'While the cost of the proposal - up to £13,500 in lost pensions tax relief - may not pose a great financial cost to the highest income taxpayers who will be affected, it is nonetheless seen by many of his clients as unfair.
'Where people lose a universal allowance that everyone else is entitled to, it is quite emotive even to the very wealthy.'
Blick Rothenberg LLP have partnered up with Tech City News and NatWest to bring you the first in an exciting series of events throughout London Technology Week. Blick Rothenberg's experts will be on-hand to answer any of your funding and financial management issues throughout the evening.