If you are retiring abroad, you are still entitled to claim your UK State Pension as long as you have built up a suitable amount of qualifying years of NIC contributions. However, your entitlement to yearly increases in the State Pension only applies in certain countries.
 

In general, there is no Capital Gains Tax (CGT) due on the disposal of a property which has been used as the owner’s main residence throught the period of ownership. This relief from CGT is commonly known as 'private residence relief'. However, where all or part of the home has been rented out the entitlement to relief may be affected. Homeowners that let all or part of their house may not benefit from the full private residence relief, but may benefit from letting relief.

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

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.  

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.
 

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

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.

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.

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”.
 

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”.
 

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.

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.

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

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

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

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

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.

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.

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. 

 

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. 

 

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.
 

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.
 

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.

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.

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.

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.

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

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

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.

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.

 

 

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.

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.