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February 2023

WHAT IS THE NON-RESIDENT LANDLORD SCHEME?

The Non-resident Landlord (NRL) Scheme is a special scheme for the UK rental income of non-resident landlords. This includes companies or trustees whose 'usual place of abode' is outside the UK. HMRC classifies a person living abroad for 6 months or more per year, as a non-resident landlord. This is the case even if the person is a UK resident for tax purposes.

Mike Wakeford
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How do I pay a voluntary National Insurance contribution?

 National Insurance (NI) contributions are made in a variety of ways:Class 1 contributions are paid by employers and their employeesClass 2 contributions are fixed weekly amounts paid by self-employed people.Class 3 contributions are voluntary NICs paid by people wanting to fill gaps in their contribution record.Class 4 contributions are paid by self-employed people on their profits.

Mike Wakeford
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What is HMRC's Guidance on serious fraud?

HMRC’s Code of Practice 9 (COP9) leaflet outlines the procedures for any investigations into serious fraud by HMRC. COP9 covers both direct and indirect taxes and includes confirmation from HMRC that taxpayers will be treated fairly and courteously. Investigations of this type by HMRC are designed to ascertain the full facts of a case and to collect any tax liabilities, penalties and interest deemed owing in cases of fraudulent conduct.

Mike Wakeford
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What are the exempt transfers between siblings?

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can be passed on free of IHT as a tax-free threshold.

Mike Wakeford
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What is the late tax payment interest rate rise?

The Bank of England’s Monetary Policy Committee (MPC) met on 2 February 2023 and voted 6-3 in favour of raising interest rates by 50 basis points to 4% in a move to try and continue to tackle upward pressures on inflation. This is the tenth time in a row that the MPC has increased interest rates with rates now the highest they have been since November 2008.

Mike Wakeford
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