Tax and Business News

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...

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...

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...

One of the most common queries I receive is how to find the tax return form online…

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…

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...

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...

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...

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...

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...

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...

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...

** 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...

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...

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....

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...