Anna’s Accountancy Alerts – Week 47 (21st – 27th February 2022)

Talking on phone

Scam HMRC phone calls

Reports of scam HMRC phone calls have fallen by 97% over the last 12 months, according to the latest figures from the tax authority.

According to HMRC, reports of scammers impersonating HMRC in phone calls peaked at 79,477 in March 2021 and fell to just 2,491 in December 2021.

This signals that we are more aware of cyber criminals and the methods they use to trick people.

UK/EU Trade

The British Chambers of Commerce (BCC) has called for urgent action to help improve trade with the EU.

A survey carried out by the BCC revealed that 60% of UK exporters reported difficulties trading with the EU.

The BCC has outlined a series of recommendations designed to help improve trade between the UK and the EU.

See link: BCC press release

Property allowance

A reminder that you can get up to £1,000 a year in tax-free allowances for property income. If your annual gross property income is £1,000 or less, from one or more property businesses, you don’t have to tell HMRC or declare this income on a tax return. Gross income means the total amount received before any allowances or expenses are taken off.

You must keep records of this income. This is known as ‘full relief’.

If your annual gross property income, from one or more properties, is more than £1,000 you can use the tax-free allowances, instead of deducting any expenses or other allowances. If your expenses are more than your income it may be beneficial to claim expenses instead of the allowances.

If you own a property jointly with others, you’re each eligible for the £1,000 allowance against your share of the gross rental income.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.