Category Archives: Tax

Dates For Your Tax Diary

There have been many different grants, schemes and tax-deferment options throughout the coronavirus pandemic. Whilst they have been vital to the economy and survival of UK businesses, the various start and end dates are quite confusing. Keeping track of timescales for grants, loans and tax deferment is also essential for good cash-flow planning. With this in mind, we have put together a list of important dates for your tax diary. Important Dates To Remember This blog will detail the key dates for your tax diary including when the rules change when claims must be submitted, and when payments of deferred […]

90 Days To Repay Coronavirus Grants

Employers and self-employed people now have 90 days to repay coronavirus grants if they have been over-paid. HMRC have announced that they must be informed within a 90 day period if businesses have over-claimed furlough payments through the CJRS. Self-employed individuals have the same time-period to report any overpaid grants through SEISS. The excess payments must also be paid back or penalties will apply. CJRS Overpayments – Furlough Scheme A CJRS grant should be repaid to HMRC if the funds were not used to reimburse the employer’s costs related to furloughed employees within a reasonable period of time. The grant […]

HMRC Tax Investigations And COVID-19

Due to social distancing restrictions, there has been a reduction in face-to-face HMRC tax investigations. HMRC staff are mainly working from home and not carrying out customer-facing compliance work. They have therefore given taxpayers extensions and/or the option to suspend compliance work. However, compliance works have not completely stopped and some taxpayers are being notified of new tax enquiries. We as accountants are also receiving correspondence regarding ongoing enquiries on a regular basis. Whilst this is certainly a quiet period for tax investigations, this will not continue in the long term. Tax Investigations Into Coronavirus Support Claims Many of the […]

Big Tax Changes For Buy To Let Property

There have been some very big changes to the rules and tax rates for buy to let property over the last 4 years. These changes began in 2016 when former Chancellor George Osborne introduced a raft of reforms specifically aimed at buy to let property. This made it more expensive to start a property portfolio, and less profitable to add to an existing one. A downturn in profitability meant that the amount of money borrowed to invest in buy-to-let properties had plunged from £25bn in 2015 to just £5bn in 2017. Changes for 2020 There are three big changes which […]

Making Tax Digital Deadline – Act Now To Avoid Penalties

Whilst Making Tax Digital (MTD) has been the law since the 1st of April 2019, no filing or record keeping penalties have been handed out to businesses that are doing their best to comply. This is because the government recognises that businesses need time to become familiar with the new requirements. The ‘soft landing period’ is coming to an end on the 1st of April 2020 Which means that those businesses above the VAT threshold will need to keep their records digitally and submit their previous quarter’s VAT return using MTD-compatible software by the deadline. Failure to do so can […]

Big Changes To Tax Relief For Landlords

If You Are A Landlord There Are A Number Of Tax Changes Coming Which Will Affect You From changes to Capital Gains Tax payment dates to the abolishment of mortgage interest relief, there’s plenty to take in. That’s why we’ve put it all together so you know where you stand. The changes will take effect from April 2020 and will affect almost all sales of additional properties in the UK. Change To Capital Gains Tax Payment Dates Capital gains tax incurred on the sale of a property is currently paid through your self-assessment tax return. Therefore, it doesn’t need to […]

Ways To Pay Your Self Assessment Tax Bill

It’s nearly time for self-assessment.  In addition to filing your tax return, you also need to make sure that payment for any personal tax due is received by HM Revenue and Customs (HMRC) by the deadline.  You’ll be charged interest and may have to pay a penalty if your payment is late. For All Payments To avoid any delays to your payment use your 10-digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’ as your payment reference. You’ll find your UTR number in your HMRC online account or on your paying-in slip if you get paper statements. If you’ve […]

How To Set Up A Personal Tax Account

Tax is going digital. From Making Tax Digital for businesses to renewing tax credits online, you can’t escape it. But have you set up a personal tax account online? Online personal tax accounts are the first step in HMRC’s plan to provide self-service for individual tax changes and enquiries. This will mean that people will no longer need to contact HMRC by post or telephone. Although it isn’t a comprehensive service as yet, you can currently access the following through your PTA. Access your PAYE code and tax estimate Claim a tax refund Viewing state pension forecasts Find and access […]

Making Tax Digital (MTD) for VAT came into force in April this year, and the new process required the use of compatible software. The last three months will have been spent setting up making tax digital software in order to be ready to submit your first quarterly figures. For many business owners, this will have created major changes to their accounting procedures. Most businesses will be used to collating their figures and then submitting their VAT return each quarter via the HMRC website. This will have used figures which have been kept using whichever format they found most convenient. Often […]

Capital Gains Tax

Big changes to Capital Gains Tax for property owners. October 2018’s budget announced two big changes to capital gains tax relief for homeowners. The two areas affected are CGT relief for the final period of ownership and lettings relief. Private residence relief: the final period of ownership Currently, relief from capital gains tax on the sale of a property (principal private residence) is valuable tax relief available to both individuals and trustees. It allows all the sale proceeds, (subject to rules and restrictions), to be carried over into the purchase of the new property without a proportion being taken out […]