Changes to HMRC late tax return penalties
At present, the penalties for a late tax return can amount to £1,600… even if you were initially due a repayment of tax but had not submitted the return on time. However, there are plans to change the current system away from the fixed fines and instead adopt a penalty-point system instead. The new system […]
Tax accountants in Surrey celebrates 12 years in business
I founded taxhelp.uk.com back in 2006, after building up 17 years’ experience in both practice and industry. From working with business owners over a number of years I identified the need for a different type of service: – Specialising in helping the self-employed, sole trader, one person business. Having built my own business from scratch, […]
Changes to HMRC rent a room tax relief
** now CANCELLED in the 2018 October Budget ** There is a very useful tax relief for people who rent out rooms in their own home – the first £7,500 of income is tax-free. However, with the rise of many short-term letting websites HMRC is proposing to change the rules from 6th April 2019 so […]
Changes to Capital Gains Tax on second properties
At present, when you sell a second property you have some time before the capital gains tax(CGT) is payable. For example, selling a property in July 2018 would fall into the 2018/19 tax return – the tax would not be payable until 31st January 2020. However, from April 2020 HMRC is planning to bring in […]
HMRC 31/07/18 Payments on Account
It will shortly be time to make payment of the second HMRC payment on account for 2017/18. There are two payments on account required for 2017/18, the tax year that ended on 5th April 2018. The first was paid by 31st January 2018, and the second is now falling due by 31st July 2018. Payments […]
Incorrect underpayments in tax computations
I have noticed a couple of issues with HMRC 2018 tax computations recently, relating to a figure included for unpaid tax brought forward. In both cases, the clients had an estimated underpayment included in a tax code that changed part way through the 2017/18 year. This figure was one that HMRC had estimated could still […]
HMRC 2018 Tax Return Form
Now that the 2017/18 tax year has finished, it is time to complete the 2018 tax return. Finding the form online can sometimes be a challenge – the official name for a UK tax return form is a SA100. To obtain the form and the notes, you can obtain these direct from HMRC’s website: https://www.gov.uk/government/publications/self-assessment-tax-return-sa100 […]
Daily fines for a late 2017 tax return are approaching
Although we have now started on completing 2018 tax returns(covering the year to 5th April 2018), there may be some people who have yet to complete the 2017 tax return. This should have been submitted to HMRC by 31st January 2018, so has already incurred a £100 fine for being late. On top of that […]
Watch out for the buy to let mortgage interest changes
People will shortly be completing their 2018 tax returns, which cover the year to 5th April 2018. However, this is the first year where the mortgage interest restrictions introduced last April will apply. In the 2017/18 tax returns, only 75% mortgage interest relief will be at the full rate… and with the 2018/19 tax year […]
Winner at the 2018 Surrey Digital Awards
I’m pleased to announce that taxhelp.uk.com won the Silver award yesterday at the 2018 Surrey Digital Awards in the category ‘Use of Social Media for business’ sponsored by Barclays. My win follows on from being a finalist in the 2017 awards, as well as winning the Bronze in 2016 and the Gold in 2015. I […]
Planning for 2018 and your tax
With a little over one month to go now in the 2017/18 tax year, it is time to start planning for 2018: 1) Are you going to make any purchases in the business? If so, and you make them before 5th April then you will get tax relief straightaway in the 2018 tax return. Completing […]
SA302 Tax Computations for Mortgages
In the past, it was common for a mortgage provider to ask for copies of HMRC tax computations (called SA302 forms) for several years to prove earnings. This created an unfortunate problem, as HMRC could only issue these by post due to data concerns. Posting out the SA302 tax computations meant that they could take […]