Weekly tax highlights ― 28 October 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

New HMRC guidance for taxpayers on rental income

HMRC has issued new basic guidance to help taxpayers check whether they need to declare property income. The guidance links to a new interactive tool which can be used to check the position in various common rental scenarios, and also covers income from selling goods, personal possessions or services (including, for example, income from social media channels). The tool cannot be used if the furnished holiday lettings rules apply.

See Simon’s Taxes B6.201.

Spotlight on tax avoidance involving GDPR

HMRC’s Spotlight 65 General Data Protection Regulation (GDPR) provision used to reduce tax liability warns that some tax agents are offering advice to businesses on how to reduce their corporation tax liability by claiming a deduction for a GDPR provision in the company tax return or claiming repayments of tax already paid, or both.

HMRC says that the advice could involve emphasising risks around non-compliance with GDPR and the importance of setting aside provision for potential breaches of the rules, with corresponding entries in the

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