Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 3 weeks ago 35
It is rather confusing as Chancellor stated on 8th Of March during his Budget speech that, Landlords and Small Businesses with a turnover under VAT threshold (less than 83k) will have another year (April 2019) before they will be required to submit quarterly Tax Return. Immediately after, HMRC published their guidelines stating that “Cash Basis” businesses and landlords less than £150k will have another extra year (April 2019)before they are required to submit their Tax Return or quarterly basis.
As you can see above, both Chancellor and HMRC have provided conflicting information. If we were to go by Chancellor’s speech then as I understand that, if husband and wife has joint Gross Rental Income of above £166000 (£83k each) then we will be required to submit quarterly return from April 2018. (first return from July 2018).
Or is it joint income of £83K? How do they establish what your turnover might be in advance of before the year is up? Do they base their calculation on previous Tax Year?
On other hand, HMRC States, based on Cash Basis, if you are Landlord or Small Business making more than £150k then you will be required to submit your Return from April 2019??
I am rather confused, any clarification would be much appreciated.
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