Payments on account can often cause confusion due to both their calculation and the fact the payments straddle tax years. Basically, payments on account are just in-advance tax payments that are set against one future year’s tax liability. They are calculated based on the figures for the previous tax year, so unless the tax position […]
SA316 Notice to complete a 2019 tax return
HMRC has been issuing the notices to complete a tax return, for the 2019 year. The 2019 tax returns cover the year 6th April 2018 to 5th April 2019. Although there is a very final deadline of 31st January 2020 to submit the 2019 returns and avoid a fine, the goal should be to submit […]
HMRC 2019 Tax Return Form
One of the most common queries I receive is how to find the tax return form online…
2018 Late tax return penalty issues
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.
However for 2019…
31st January 2019 HMRC tax deadlines
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 2018/19, if due. Submitting a return after 31st January […]
The (often forgotten) December 2018 tax deadline
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 be processed by HMRC before the end of December at […]
Residential Property Capital Gains Tax payment timescale changes
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 submit a CGT return and make a […]
Changes to HMRC rent a room tax relief now cancelled
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 changes have been cancelled. Rent […]
Main residence tax relief changes from April 2020
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 property as their main residence that is being […]
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