Tax and Business News

Tax is constantly changing

I share articles here to keep people up to date on the current position

National Insurance threshold increase 2020/21

National Insurance threshold increase 2020/21

From 6th April 2020, the threshold for national insurance is increasing. The new threshold will be £9,500 and will apply to both the self-employed as well as employees. For the self-employed, you pay class 4 national insurance contributions at 9% above the threshold...

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31st July 2020 payments on account deferred

31st July 2020 payments on account deferred

Due to the coronavirus covid-19 situation, HMRC has just announced a deferment on the 31st July 2020 payments on account. Normally taxpayers pay their 2020 tax in two instalments - one on 31st January before the tax year finishes, and the second on 31st July...

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Tax help during Covid-19

Tax help during Covid-19

During the current situation, I am available to help clients remotely: Meetings can be held through telephone or skype instead of in person.Documents can be scanned and sent to me either through email or by using an online service such as Dropbox.I am available to...

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HMRC 31st January 2020 deadlines

HMRC 31st January 2020 deadlines

As 2019 draws to a close, the upcoming holidays reduce the amount of time available to complete the 2019 tax returns and avoid fines. We have already passed the 31st October 2019 deadline to submit a paper tax return, so any returns submitted now must be done online...

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Explaining HMRC tax codes

Explaining HMRC tax codes

If you have income taxed at source, such as from an employment or pension then you will receive a tax code (notice of coding) from HMRC. Tax codes look at your tax position and aim to collect the right amount of tax each month, so that the liability is correct at the...

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HMRC 31st October 2019 Tax Return Deadline

HMRC 31st October 2019 Tax Return Deadline

We have now passed the 5th October deadline to register for a 2018/19 tax return with HMRC. However, for those already registered with HMRC and issued with a notice to complete a tax return form, we are also rapidly approaching the 31st October 2019 tax return...

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5th October 2019 tax deadline

5th October 2019 tax deadline

While people may remember the upcoming 31st October tax return deadline, and the 31st January one... often they forget about the 5th October deadline. If you have received untaxed income (such as from self-employment) in the year to 5th April 2019, then you must...

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HMRC Main Residence tax changes from April 2020

HMRC Main Residence tax changes from April 2020

If you have a taxable gain on a former main residence, there are 3 key changes to Main Residence tax relief planned to come into effect from 6th April 2020: The payment of any capital gains tax will be due within 30 days - I reported on this back in November 2018.The...

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Small Business Saturday & #SmallBiz100 – 2019

Small Business Saturday & #SmallBiz100 – 2019

Small Business Saturday will be held on 7th December 2019 in the UK. As part of the build up to the event, Small Business Saturday UK will be highlighting 100 small businesses. The #SmallBiz100 as they are known have, over the last 6 years, received exposure on Social...

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Explaining HMRC payments on account

Explaining HMRC payments on account

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...

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SA316 Notice to complete a 2019 tax return

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...

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31st January 2019 HMRC tax deadlines

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...

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James McBrearty invited to 11 Downing Street

James McBrearty invited to 11 Downing Street

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...

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The (often forgotten) December 2018 tax deadline

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...

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Changes to HMRC rent a room tax relief now cancelled

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...

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Main residence tax relief changes from April 2020

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...

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Personal Allowance and basic rate limit from 2019-20

Personal Allowance and basic rate limit from 2019-20

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...

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31st October 2018 Tax Deadline

31st October 2018 Tax Deadline

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...

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Class 2 National Insurance to remain

Class 2 National Insurance to remain

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....

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Deadline to register for a 2018 tax return

Deadline to register for a 2018 tax return

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...

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Changes to HMRC late tax return penalties

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...

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Tax accountants in Surrey celebrates 12 years in business

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,...

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Changes to HMRC rent a room tax relief

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...

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Changes to Capital Gains Tax on second properties

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...

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HMRC 31/07/18 Payments on Account

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...

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Incorrect underpayments in tax computations

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....

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HMRC 2018 Tax Return Form

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...

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Daily fines for a late 2017 tax return are approaching

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...

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Watch out for the buy to let mortgage interest changes

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...

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Winner at the 2018 Surrey Digital Awards

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...

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Planning for 2018 and your tax

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....

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