HMRC podcasts

HMRC has launched a suite of podcasts

HMRC recently introduced a set of audio podcasts to help agents with their tax obligations and financial affairs.

These podcasts come very soon after the autumn 2018 Budget and cover topics in which there is a great deal of public interest. The first three are:

  • Making Tax Digital – An overview for agents and businesses, a basic overview that reiterates the need for tax agents to create an agent services account in order to use MTD filing system. Spreadsheet users will need bridging software to file the VAT return with HMRC. There will be exemptions available to certain businesses from having to go digital.
  • Payroll – Helping you get it right, covering the requirement to file on time and get it right because, among other things, late and incorrect filing has a direct impact on an individual’s universal credit award.
  • Tax relief for landlords – Replacement of Domestic Items. This relief has replaced the 10% wear and tear allowance since 6 April 2016 and allows a deduction to be made for the cost of replacing items in rented residential property (unfurnished or furnished). It does not cover the cost of the purchase of the original items in the property. Replacement fixtures and fittings cannot be claimed also. The relief is not available for commercial and holiday let properties. The replacement item must be very similar to the item replaced.  

You can listen online or download the podcasts for future reference.