This site uses cookies to improve your browsing experience and analyse use of our website. By clicking ‘I accept’ you agree and consent to our use of cookies. You can find out more about our cookies here. Find out more

“Private

Tax Diary February/March 2020

February 2020 - Due date for Corporation Tax payable for the year ended 30 April 2019.

Do you need to make a tax disclosure?

HMRC has a new £100m weapon to help identify individuals who may not be declaring all of their income and, therefore, paying too little tax.  

Your Personal Tax Account

Have you checked your personal tax account recently? If at all?  Latest research from the Post Office shows that 46% of UK workers have never checked their personal tax account.  

Would a digital services tax do more bad than good?

In the autumn budget, Chancellor of the Exchequer, Philip Hammond proposed the UK implement a ‘digital services tax’ on sales by technology giants. 

Making tax digital - you can use spreadsheets

HMRC has about-faced regarding the ban on using spreadsheets to work out your VAT return data from 1 April 2019, when the new requirement to file VAT returns using Making Tax Digital (MTD) format is introduced.

Making tax digital - you can use spreadsheets

HMRC has about-faced regarding the ban on using spreadsheets to work out your VAT return data from 1 April 2019, when the new requirement to file VAT returns using Making Tax Digital (MTD) format is introduced.

Construction drawn into VAT reverse charge process

It would seem, that HMRC is keen to plug the apparent drain from VAT receipts when contractors and sub-contractors charge their customers VAT and then go missing, keeping the VAT for themselves. This is described in legislation as “missing trader fraud”.  

Construction drawn into VAT reverse charge process

It would seem, that HMRC is keen to plug the apparent drain from VAT receipts when contractors and sub-contractors charge their customers VAT and then go missing, keeping the VAT for themselves. This is described in legislation as “missing trader fraud”.  

HMRC errors on tax calculation 2016/17 for self assessment

Many of you may have seen the recent press regarding HMRC’s calculation errors when it comes to income ta payable for individuals in 2016/17.

HMRC errors on tax calculation 2016/17 for self assessment

Many of you may have seen the recent press regarding HMRC’s calculation errors when it comes to income ta payable for individuals in 2016/17.

Payments in lieu of notice

Up to 5 April 2018, certain payments in lieu of notice were not taxable, primarily, those not contractually required to be made.

Payments in lieu of notice

Up to 5 April 2018, certain payments in lieu of notice were not taxable, primarily, those not contractually required to be made.

Tax Diary April

1 April 2018 - Due date for corporation tax due for the year ended 30 June 2017.

Tax Diary April

1 April 2018 - Due date for corporation tax due for the year ended 30 June 2017.

Have you submitted your tax return?

The countdown has begun for this years’ online tax return, a crucial time for around 11 million taxpayers who are self employed or  receive other income that requires the submission of a tax return, which is normally rental income, or interest and dividend income that is liable to income tax.  Because of changes made to the taxation of dividends with effect from 6 April 2017, any one who receives more than £5,000 of dividends in a year is likely to have an income tax liability, even if they are only basic rate taxpayers.  In the past only higher rate taxpayers have had to pay any tax on their dividend income.

Have you submitted your tax return?

The countdown has begun for this years’ online tax return, a crucial time for around 11 million taxpayers who are self employed or  receive other income that requires the submission of a tax return, which is normally rental income, or interest and dividend income that is liable to income tax.  Because of changes made to the taxation of dividends with effect from 6 April 2017, any one who receives more than £5,000 of dividends in a year is likely to have an income tax liability, even if they are only basic rate taxpayers.  In the past only higher rate taxpayers have had to pay any tax on their dividend income.

Building a Great Britain fit for the future

The headline for the Autumn 2017 budget was building a Great Britain fit for the future, creating jobs, preparing for a digital age and supporting families. With the surprise of the day being the abolition of stamp duty (up to £300,000) for first time buyers.   

Building a Great Britain fit for the future

The headline for the Autumn 2017 budget was building a Great Britain fit for the future, creating jobs, preparing for a digital age and supporting families. With the surprise of the day being the abolition of stamp duty (up to £300,000) for first time buyers.   

'House prices are increasingly out of reach for many'

Today marked the first Autumn Budget in 20 years and some may say that it was the ‘most important’ of Philip Hammond’s tenure as the Chancellor. It followed in similar suit of the last Budget, with a substantial focus on the UK property market and the governments bid to tackle the need for affordable housing.  

'House prices are increasingly out of reach for many'

Today marked the first Autumn Budget in 20 years and some may say that it was the ‘most important’ of Philip Hammond’s tenure as the Chancellor. It followed in similar suit of the last Budget, with a substantial focus on the UK property market and the governments bid to tackle the need for affordable housing.  

The budget crystal ball

There is continuing speculation in the financial press about the likely changes that Philip Hammond will introduce in his budget announcements on 22nd November 2017.

The budget crystal ball

There is continuing speculation in the financial press about the likely changes that Philip Hammond will introduce in his budget announcements on 22nd November 2017.

Paying self-assessment tax by instalments

If you file your 2016-17 self-assessment tax return on or before 30 December 2017, you can elect to spread the repayment of any underpayment of tax for 2016-17 to the tax year 2018-19. This is done by amending your tax code for 2018-19 such that any arrears are repaid by increasing your tax payments each pay period.

Paying self-assessment tax by instalments

If you file your 2016-17 self-assessment tax return on or before 30 December 2017, you can elect to spread the repayment of any underpayment of tax for 2016-17 to the tax year 2018-19. This is done by amending your tax code for 2018-19 such that any arrears are repaid by increasing your tax payments each pay period.

A true Halloween horror!

For many, when they think of what occurs on 31st October they think of Frankenstein, trick or treating, ghosts and pumpkins….. but for some the answer is PAPER TAX RETURN DEADLINE!

A true Halloween horror!

For many, when they think of what occurs on 31st October they think of Frankenstein, trick or treating, ghosts and pumpkins….. but for some the answer is PAPER TAX RETURN DEADLINE!

4 common mistakes to avoid when submitting your paper tax return

The countdown has begun for this years’ paper tax return, a crucial time for around 10 miilion taxpayers who are either self employed or  receive other income that requires the submission of a tax return, which is normally rental income,  interest or dividend income. It is also necessary to submit a tax return if you have realized capital gains on which a tax liability arises, or if you have made a loss on the disposal of a capital asset that you want to carry forward to set against future gains.

4 common mistakes to avoid when submitting your paper tax return

The countdown has begun for this years’ paper tax return, a crucial time for around 10 miilion taxpayers who are either self employed or  receive other income that requires the submission of a tax return, which is normally rental income,  interest or dividend income. It is also necessary to submit a tax return if you have realized capital gains on which a tax liability arises, or if you have made a loss on the disposal of a capital asset that you want to carry forward to set against future gains.

Landlords to be hit with 'Green Tax'

From April 2018 buy to let landlords will be hit with costs of up to £5,000 in order to comply with new government energy efficiency legislation, which will be introduced on rental properties.

Landlords to be hit with 'Green Tax'

From April 2018 buy to let landlords will be hit with costs of up to £5,000 in order to comply with new government energy efficiency legislation, which will be introduced on rental properties.

Company car drivers and private fuel

Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this case, the employee must reimburse the employer for private fuel included in petrol bills paid by the employer. Otherwise, the employee may face a tax charge.

Company car drivers and private fuel

Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this case, the employee must reimburse the employer for private fuel included in petrol bills paid by the employer. Otherwise, the employee may face a tax charge.