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 […]

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 […]

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 […]

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 […]

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 the position will be kept under review, there is now […]

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 someone pays the higher rate will be £50,000 from 6th April […]