My Latest Blogs
23rd March 2022
Spring in your Step?
How the budget affects individuals… Following the Chancellor’s spring statement this afternoon, it appears that the planned 1.25% increase in national insurance will continue to go ahead in April, in order to raise funds for health and social care. However, as part of the government’s Tax Plan, the Chancellor is attempting to take the sting out…
6th January 2022
HMRC deadline now, effectively, 28-Feb-22
Due to the continuing difficulties that Covid continues to present, today HM Revenue and Customs (HMRC) have announced they are waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving extra time, if needed, to complete your 2020 to 2021 tax return and pay any tax due. HMRC…
8th October 2021
Self assessment deadline… the countdown is on!
The new year is fast approaching and so is the deadline for filing your Self Assessment tax return – 31 January 2022 will be here before you know it. Our tax experts can ensure everything is completed accurately and submitted on time. Even if you file your 2020/21 tax return now, you do not…
14th July 2021
Accounts Basis Period Reform – Consultation
Under current rules, businesses draw up annual accounts to the same date each year. The profit/loss for the tax year is usually the profit/loss for the year to the accounting date – called the basis period. Tax is paid on profits earned in the basis period ending in the tax year in question. However,…
7th October 2020
Enhanced time to pay for those in SA!
As part of his Winter Economy Plan on 24 September 2020, the Chancellor announced enhanced time to pay arrangements for Self Assessment (SA) taxpayers who are unable to pay their tax due by 31 January 2021. The amount due can be paid in monthly instalments over a period of up to 12 months. These enhanced…
5th August 2020
DING DING – SEISS Round 2!
Claims for the second round of the Self Employed Income Support Scheme (SEISS) can be made from 17 August to 19 October. The online claims service is not available yet: HMRC are expected to release further information shortly. The second SEISS payment: Amounts to 70% (previously 80% for the first grant) of average monthly…
24th February 2020
How taking a pension lump sum could save you money
If you reached state pension age after 6 April 2016 and deferred taking your pension, you will receive a higher weekly amount when you start receiving it. However, if you reached state pension age before 6 April 2016 there is a second option, which is to receive a state pension lump sum rather than…
23rd July 2019
Residential Property Tax News!
Lettings Relief and Principal Private Residence Relief Following my previous blog regarding the changes announced to the Principal Private Residence Relief (PPR) and lettings relief rules, the consultation period ended on 1 June 2019. You can view the consultation responses here. HMRC have now published a policy paper on 11 July 2019,…
14th May 2019
PPR and Lettings Relief: an Update
Shortly following the last autumn budget, I published a blog “CGT Reliefs – Hit with Both Barrels!”, regarding the changes announced to the Principal Private Residence Relief (PPR) and letting relief rules. HMRC have now published a consultation document, which can be found here: https://www.gov.uk/government/consultations/capital-gains-tax-private-residence-relief-changes-to-the-ancillary-reliefs The consultation period closes at 11:45pm on 1…
12th November 2018
CGT Reliefs – Hit with Both Barrels!
A gain on sale of residential property is chargeable to capital gains tax (CGT) as follows: 18% to the extent that the gain falls within the basic rate band 28% thereafter An annual exemption is available if not utilised elsewhere (currently £11,700, rising to £12,000 in the 2019/20 tax year). Principal Private Residence Relief (PPR)…