Maxwells Chartered Accountants

Obligations as an AirBnB Host As an Airbnb host in the UK, you have certain tax obligations that you must fulfill. The income you earn from renting out your property on Airbnb is taxable, and you must declare it to HM Revenue and Customs (HMRC). If you’re an occasional host, renting out your home or spare room for a few nights a year, you might not have to pay tax on the income you earn. However, if you’re a regular host and make a profit from renting out your property, you’ll need to pay tax on that income. There are two ways to declare your income to HMRC: self-assessment tax return or rental income allowance. If your Airbnb income is less than £1,000 per tax year, you can use the rental income allowance and won’t have to declare your income or pay tax. However, if your income is more than £1,000, you’ll need to complete a self-assessment tax return and pay income tax on the profits you make. Additionally, you might also have to pay council tax, business rates, and VAT, depending on your circumstances. It’s essential to check with your local council and HMRC to ensure you’re meeting all your tax obligations. In summary, as an Airbnb host in the UK, you have tax obligations that you must fulfill. Ensure you understand your tax obligations and declare your income to HMRC to avoid any potential penalties. If you have already fallen foul, it is possible to make a disclosure under the best possible terms to HMRC under the Let Property Campaign. For more help with your obligations or the Let Property Campaign, get in touch with the team at Maxwells https://lnkd.in/eW8chm3

🚨 HMRC Intensifies Tax Investigations: Protect Yourself with Maxwells' Professional Fee Cover 🚨 Chancellor Rachel Reeves has allocated an additional £1.4 billion to hire 5,000 new tax investigators, leading to a surge in HMRC's compliance activities. In the last quarter alone, 93,000 investigations were initiated, up from an average of 78,000. Legal experts, including Ian Robotham of Pinsent Masons, anticipate more prosecutions for tax fraud. Inheritance tax is a key focus, with HMRC utilizing advanced data analysis tools like the Connect supercomputer to identify discrepancies. Neela Chauhan from UHY Hacker Young advises taxpayers to ensure accurate estate planning to avoid scrutiny. Why Choose Maxwells for Tax Investigation Professional Fee Cover? Financial Protection: Covers the cost of professional fees incurred during an HMRC investigation, which can be substantial. Expert Support: Gain access to Maxwells' experienced accountants who will handle the investigation on your behalf. Peace of Mind: Focus on your business or personal life without the stress of potential investigation costs. Risks of Not Having Coverage: Unexpected Expenses: Without coverage, you may face significant out-of-pocket costs for professional representation. Resource Drain: Handling an investigation without professional assistance can be time-consuming and divert attention from your core activities. 📲 Protect yourself today! Learn more about Maxwells' Professional Fee Cover here: https://ow.ly/77Ge50Ugv9c 💼 Maxwells Chartered Accountants—Here to safeguard your financial well-being!

Bridgwater Chamber of Commerce Magazine We're thrilled to announce that Maxwells Chartered Accountants has contributed TWO articles to the latest Bridgwater Chamber magazine! 📰✨ This edition is packed with valuable insights and showcases how businesses like yours can thrive in our local community. 🌟 Don't miss out—flip through it here 👉 Read the magazine (https://ow.ly/6nug50UvSU2) 📣 Are you a business looking to get involved? The Chamber and its magazine offer incredible opportunities to connect, contribute, and grow. 🌐💼 Find out how you can join the action and share your story here 👉 Get Involved (https://ow.ly/J4tW50UvSU4) Let's keep building a strong, vibrant business community together! 💪💼 #MaxwellsAccountants #BridgwaterChamber #SupportLocalBusiness #CommunityMatters #NetworkingOpportunities

🎅🎄Christmas Opening Hours 🎄🎅 Ho, ho, ho! 🎅 The Maxwells team will be hanging up their calculators 🧮 and donning their Christmas jumpers 🎁 for a well-deserved break! Our offices will close from 11am on Friday 20th December 2024 and reopen bright-eyed and bushy-tailed at 9am on Thursday 2nd January 2025. 🌟🎆 We’re giving our fantastic team time to rest, recharge, and enjoy the festivities with their loved ones. 🎉🍗💤 But don’t worry! If you have an exceptional accounting emergency (like a visit from the tax man instead of Santa 🎅🧾), you can email your usual contact. Their ‘Out of Office’ will guide you to any available elves 🧝 ready to help. From all of us at Maxwells, we wish you a Merry Christmas and a prosperous New Year! 🎅🎄✨ See you in 2025! 🍾🎆

📢 Plan Ahead: Avoid the Retirement Tax Trap with Maxwells Accountants Did you know that one in three individuals nearing retirement are unsure about their tax obligations? A recent study by Shawbrook Bank highlights a growing concern among those aged 55-68, especially women (35% compared to 23% of men). 🔍 The Facts: Pensioners enjoy a tax-free allowance of £12,570, but any income beyond this threshold is taxable. With the state pension increasing by over £470 in April, many retirees relying solely on it could face unexpected tax bills. 💬 Adam Thrower of Shawbrook warns: "A shock tax bill is never welcome, especially for those planning retirement." 📈 How Maxwells Can Help: At Maxwells Accountants, we specialize in: Tax planning for retirement to optimize your income. Ensuring you stay within your allowances and avoid surprise bills. Tailored advice for pensions, savings, and investments to secure your financial future. 💡 Don’t let tax complexities cloud your golden years! Reach out to Maxwells today for a comprehensive retirement tax review. Let us help you make the most of your retirement. 📞 Contact us now to schedule a consultation. #RetirementTax #TaxPlanning #Pensions #MaxwellsAccountants #FinancialFreedom https://ow.ly/czUn50UaOrI

What are the advantages of choosing an accountant to help me with probate? You may know that Maxwells provide probate services but here is a case study to highlight the benefits of appointing Maxwells as your trusted adviser to apply for the Grant of Probate. https://lnkd.in/e2-2RjFR For more details about Maxwells Probate services, please get in touch or visit our website https://lnkd.in/eu8_VhJR

🌟 Protect Your Family’s Future from Rising Inheritance Tax (IHT)! 🌟 🏡 With the rising burden of IHT, more families are turning to life insurance as a smart solution to cover potential tax bills. A well-structured policy can help your loved ones avoid selling cherished assets, like family farms, to settle the IHT liability. 🚜 For family-owned farms, this is especially critical as current IHT laws often make passing down agricultural assets more challenging. Life insurance can provide peace of mind, ensuring your legacy is preserved for future generations. 💼 At Maxwells Accountants, we specialize in crafting estate planning strategies tailored to your unique situation. We can help you: ✅ Safeguard your wealth 🛡️ ✅ Minimize tax liabilities 💰 ✅ Protect what matters most 💞 📖 Learn more about how IHT impacts family farms and explore solutions by visiting our article here: https://ow.ly/MyhL50UkAlY ✨ Planning ahead can make all the difference! Let us help you secure your family’s financial future. 💡 📞 Contact us today to get started! #EstatePlanning #IHTSolutions #FamilyFarms #MaxwellsAccountants #WeProtectYourLegacy

🎉🎄 What a Festive Success! 🎄🎉 A massive THANK YOU to our whole team who joined in for Christmas Jumper Day today – you truly sleighed it! 🎅✨ From glittery knits to jingling jumpers, the festive spirit was in full swing, and the photos are proof of just how fabulous our team is! 📸❤️ But the real star on top of the tree? 🌟 The incredible generosity shown for Sedgemoor fm's Tonne of Tins Campaign. Thanks to all your donations, we’ve collected a mountain of tins and non-perishable goodies 🏔️🥫 to help local families in need this holiday season. Together, we’ve made a difference, one tin at a time. 🥰👏 🎄🧁🎁 Cupcakes, community spirit, and Christmas jumpers – it doesn’t get much better than that! Let’s keep the cheer going and remember: it’s not just about wearing the jumper; it’s about wearing your heart on your sleeve. ❤️ Check out the photos below to see the joy, the jumpers, and the tin-tastic results! 🎅📸 #ChristmasJumperDay #TonnesOfTins #FestiveFun #TeamSpirit #GivingBack #MerryAndBright 🎄✨

🌍📱 Digital Services Tax Sparks Tensions with US The UK’s Digital Services Tax (DST)—which imposes a 2% levy on the UK sales of major tech firms—has generated £2.3bn since 2020, raising £700m last year alone. However, it’s now at the center of brewing tensions between the UK and the incoming Trump administration. 💡 What’s Happening? The DST has faced criticism from Washington, where it’s viewed as an unfair cost on US tech giants like Amazon, Google, and Meta. Former US trade official Jonathan McHale warned of possible retaliatory measures, stating the DST costs US firms billions annually. 🚨 What’s at Stake? Potential retaliatory tariffs from the US could complicate UK-US trade talks. The UK Treasury, led by Rachel Reeves, may consider reviewing the DST to ease tensions, but this could risk revenue streams vital for public services. 🤔 The Big Question: How can the UK balance fair taxation on digital giants while maintaining strong transatlantic relations? This will be a major test for UK diplomacy and economic strategy. What are your thoughts on the DST? Should the UK stand firm or seek compromise? Let us know below! 👇 #DigitalServicesTax #UKUSRelations #TradePolicy #TechTax #EconomicDiplomacy https://ow.ly/QNZi50UaOes

Capital Gains Tax - You Only Have 60 Days Post Completion You must report and pay any tax due on UK residential property using a Capital Gains Tax on UK property account. You must do this within: 60 days of the completion date of selling the property. If you do not report and pay before the deadline you’ll be due a late filing penalty and may be charged interest if you do not do this by the 60-day deadline. This can be very expensive. f you miss the deadline by: -up to 6 months, you will get a penalty of £100 -more than 6 months, a further penalty of £300 or 5% of any tax due, whichever is greater -more than 12 months, a further penalty of £300 or 5% of any tax due, whichever is greater A 60-day CGT return is not required if the disposal has not resulted in a capital gains tax liability, for example if: -The residential property disposal has resulted in a capital loss -The gain (together with other residential property gains that have already happened in the same tax year) is within the annual capital gains tax exemption -Reliefs are applicable to the property disposal which reduces the taxable gain to nil -Capital losses are available to be used against the gain to reduce it to nil, either from previous tax years or from disposals in the current tax year, before the completion date Even if a 60-day CGT return has been filed and capital gains tax has been paid, the disposal will still usually need to be reported on the annual self-assessment tax return completed after the end of the relevant tax year. A credit will be given for the tax paid during the year. In most cases the 60-day return will have been filed on an estimated basis as income affecting the CGT rate will not be known until after the end of the tax year. If you need assistance with the return or any advice on CGT generally please get in touch https://lnkd.in/eW8chm3