Taking some time to start planning for 2021/22 now can be worthwhile. While there is often a focus on planning for the end of the tax year, much less attention is paid to the start of the tax year. The […]
Tag: Tax
Budget day is 3 March
There has been a lot of speculation on what will be in Rishi Sunak’s second Budget in early March and whether there is any tax planning that you should consider before then. The government will have to start paying down […]
Possible changes to capital taxes
The Office of Tax Simplification (OTS) have been asked by the Treasury to review both Inheritance Tax (IHT) and Capital Gains Tax (CGT) recently which again suggests there could be changes to those taxes that may require pre-emptive planning action. […]
Pension tax relief under the spotlight
One area where the Chancellor could raise a substantial amount of tax would be to restrict higher rate tax relief on pension contributions. There have been recent consultations with the pensions industry and it has been suggested that the government […]
Possible inheritance tax changes
As discussed in previous blog, the Office of Tax Simplification (OTS) suggested simplifying IHT on lifetime gifts including reducing the period of potential exemption from 7 to 5 years. Such a change would mean that the donor would only be […]
Get ready for new off-payroll working rules (IR35)
This time last year businesses were preparing for important changes to the rules where workers supply their services via their own personal service companies. The start date was then deferred from 6 April 2020 to 6 April 2021. The new […]
European property owners face higher tax bills
Now that the UK has finally left the EU some taxpayers will start to see additional tax costs. One example is where UK residents own holiday homes in EU countries that they rent out for part of the year. Owners […]
Self Assessment – Late Filing Update
HMRC has announced Self-Assessment taxpayers who did not file their tax return by the 31 January 2021 deadline will not receive a late filing penalty if they file online by 28 February. For your own peace of mind we strongly […]
Scottish Budget Update
Kate Forbes, Scotland’s Finance Secretary set out budget plans on 28 January at the Scottish budget. She told MSPs that this was a time for “stability, certainty and targeted support”. Here are some key areas we’d like to highlight to […]
Self-assessment: what you need to know for last-minute filing
HMRC said 2,700 taxpayers took time out on Christmas day to go online and file their self-assessment tax return for 2019/20. The latest numbers from HMRC is 8.9m taxpayers have now submitted their tax return. However, 3.2m have yet to […]
NEW PENALTIES FOR OVERCLAIMED CJRS, SEISS AND “EAT OUT TO HELP OUT” GRANTS
HMRC have announced that they will be imposing penalties of up to 100% of the amounts overclaimed on businesses so make sure that your claims are correct. The penalties depend on whether or not the overclaim is the result of […]
VIRTUAL CHRISTMAS PARTIES, EMPLOYEE GIFTS AND GIFTS TO CHARITY
HOW ABOUT A VIRTUAL CHRISTMAS PARTY? HMRC recently announced that employers may arrange a “virtual” Christmas party this year and there will be no taxable benefit for employees provided that all staff are invited and the cost per head does […]