by James McBrearty | Feb 25, 2019 | Blog, Personal tax
For those who have not yet submitted a 2018 tax return, they would normally have already received a reminder letter from HMRC along with a £100 fine. This would have reminded them about the late tax return, as well as hopefully prevent them becoming liable to extra...
by James McBrearty | Jan 5, 2019 | Blog, Personal tax, Self-employed
There are two upcoming final tax deadlines in January 2019, relating to the 2018 tax return: Submission of the 2018 tax return form, covering the year to 5th April 2018. Payment of the tax liability for 2017/18. Also payment of the first payment on account for...
by James McBrearty | Nov 29, 2018 | Blog, From the office, Networking
Yesterday saw me back in Downing Street as a guest of Philip Hammond, Chancellor of the Exchequer, for a reception to celebrate small business in the UK: We were also joined by Matt Hancock, who spoke of his support for small business. Matt Hancock has been the...
by James McBrearty | Nov 22, 2018 | Blog, Personal tax
Many people remember the 31st January tax payment deadline, but often forget there is an additional tax deadline each year at the end of December. Where possible, the deadline for having tax liabilities taken through your tax code in a later year means the return must...
by James McBrearty | Nov 11, 2018 | Blog, Personal tax
From 6th April 2020, there are changes to how capital gains tax(CGT) on residential property is reported and paid. Rather than at present, where the details are reported in the next tax return and the tax paid the following 31st January, there will only be 30 days to...
by James McBrearty | Oct 30, 2018 | Blog, Personal tax
I reported back in July 2018 that HMRC were planning to change the rent a room relief rules so that it would only apply in cases where the owner occupied the property at the same time. However, it has just been announced in the 2018 October Budget that these planned...
by James McBrearty | Oct 29, 2018 | Blog, Personal tax
There are two allowances that will be changing from April 2020 onwards. These only affect people who have taxable gains on their main residence. 1) Lettings relief – this is an additional relief available (up to a limit of £40,000) to those who have lived in a...
by James McBrearty | Oct 29, 2018 | Blog, Personal tax
There had been worries that the VAT registration limit (£85,000pa) would be reduced – increasing costs for people not able to reclaim VAT as well as forcing more people into the quarterly tax returns that start next year for those who are VAT registered. While...
by James McBrearty | Oct 29, 2018 | Blog, Personal tax
The planned increase to the personal allowance has been brought forward to next year. From 6th April 2019, the personal allowance will be £12,500pa. The basic rate band increase is also brought forward to 2019, to £37,500. This means that the income limit before...
by James McBrearty | Sep 27, 2018 | Blog, Personal tax, Self-employed, Start-up
The first tax return deadline for 2018 returns is approaching… 31st October 2018. Although this deadline is for people submitting a paper tax return, it is a good deadline for everyone to use. HMRC print the statements of account after the end of October, before...
by James McBrearty | Sep 11, 2018 | Blog, Personal tax, Self-employed, Start-up
At present, there are two different types of National Insurance for the self-employed, Class 2 and Class 4. Class 2 is a fixed weekly amount, whereas Class 4 is charged based on profits. We had been expecting Class 2 National Insurance to be abolished for some time....
by James McBrearty | Sep 10, 2018 | Blog, Personal tax, Self-employed, Start-up
If you have income to report to HMRC for the tax year ending 5th April 2018, the deadline to register to complete a 2018 tax return is fast approaching. You must notify HMRC by 5th October 2018 that you will be submitting a 2017/18 tax return. Once registered, you...
