Due to COVID-19, HMRC introduced a ‘soft landing approach’ and did not issue late penalties for any transactions completed between 6 April 2020 and 30 June 2020, provided the gain was reported and any tax due paid by 31 July 2020. From the 1 July 2020 onwards, a seller has 30 calendar days to report […]
Category Archives: Uncategorized
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Aug
Aug
Last year HMRC imposed a significant number of penalties on taxpayers for failing to get their tax returns correct. The most serious type of penalty is for ‘deliberate errors’ and the fine for this is between 20% to 100% of the tax underpaid. The other type of tax error is a ‘careless error’ and here […]
HMRC have just released a bit more information on what we can expect in the early part of next year. Job Retention Bonus Employers will be able to claim a one-off payment of £1,000 for every employee they have previously received a grant for under the Coronavirus Job Retention Scheme (CJRS) and who remains continuously […]
The first stage of MTD comes into effect in April 2019. All businesses that have registered for VAT will need to use software that files the VAT return directly to HMRC. The option of logging into HMRC’s website and manually inputting the VAT figures will no longer be available. All new VAT registrations after April […]
It’s not very often that free money comes along but from 6th April 2017 the Government will introduce the Lifetime ISA. If your child is somewhere between 18 and 40 and hasn’t yet purchased their first home then any savings into this new scheme will attract 25% additional funds from the Government. Where else can […]
There is no longer a need to report trivial benefits for staff to HMRC (Benefits up to £50). An employer can now pay a benefit to an employee where it is no more than £50, as many times in the tax year as they wish. However, this must not be a reward for services as […]
From 6th April 2016 the wear and tear allowance will be removed and replaced by the actual expenditure. For those landlords who have furnished property this is likely to mean an increase in their tax payments from 31st January 2018. Planning for this cost could be critical where the rents only cover the mortgage payments.
The restriction will come in from 6th April 2017 and will be phased in over five years. This will only affect higher rate taxpayers and only those with residential let property (not commercial property) and does not apply to a property business or furnished holiday lets. So for landlords that are basic rate taxpayers there […]
The summer budget had some nasty surprises for small companies. If your company pays dividends and you are a basic rate taxpayer but don’t use up all your basic rate band, then consider taking additional dividends before 6th April 2016. These dividends don’t need to be paid but you do need to have sufficient reserves […]
On top of the legislation there has also been a number of recent tax cases. Use this link to keep up to date on how to calculate holiday pay: http://tinyurl.com/npwcrwa