Money

Minimum Wage 2020

It is important that you keep up to date with changes in the National Minimum Wage. There are changes coming in April! These changes are: Adults (21-24) from £7.70 to £8.20 18-20 Year olds from £6.15 to £6.45 Under 18s from £4.35 to £4.55 Apprentice rate from £3.90 to £4.15 Don’t forget to make sure…

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A SWLA Landlord

We were approached by a landlord who was registered with South West Landlords Association. She had just began renting her property and was looking for an accountant to help her with the property tax. She decided to contact Marslands because of the good things SWLA had said about us. She also noticed from our website…

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Grass and building

Inherited a property

We were approached by a brother and sister who had inherited a house. They had been completing repairs on the property for the last few months which amounted to over £60k! Due to the high repairs they needed an accountant as they were confused which expenses were allowable. They didn’t want the hassle of completing…

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Marslands 2

A busy IT consultant

An IT consultant contacted us with 4 years undeclared rental income. As he was making a loss on the property he hadn’t told HMRC because he didn’t think he had to He had a bit of a shock when he received a letter from HMRC’s let property campaign. This gave him 30 days to contact…

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A couple with Agent and PAYE

A couple approached us about their 12 years unpaid rental income. They were professionals who pay their tax through PAYE and have an estate agent who manages their property. They wrongly assumed that the estate agent dealt with the tax for them. HMRC issued the wife with a “Let Property Campaign” letter but her husband…

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Rent

A Young Landlord

We were contacted by a young landlord with 5 years undeclared rental income. She inherited the property and had continued to rent it to the current tenants. Being naive she didn’t realise that this income was taxable! After a conversation with a friend she suddenly realised that rental income is taxable and began to panic!…

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