My Latest Blogs
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)…
11th June 2018
Changes ahead for CGT payment
HM Revenue & Customs is proposing, in less than two years’ time, to rewrite the rules around Capital Gains Tax, CGT, following the disposal of a residential property. The current timescale for payment is going to be slashed to 30-days. From April 6 2020, a payment-on-account of CGT, will be required following the sale of…
24th November 2017
Autumn Budget – Property taxes
SDLT for First time buyers – The government has introduced a new relief from SDLT for first-time buyers (in England, Wales and Northern Ireland) for all transactions with an effective date on or after 22 November 2017. The relief works as follows: £300,000 or less: no SDLT payable £300,001 and £500,000: no SDLT on the…
6th September 2017
Bank of Mum and Dad!
A parent with spare funds to invest may like to consider purchasing a property for their student son or daughter to live in whilst at university, in order to save on student accommodation costs. We recently advised a client that, so long as their son or daughter lives in the property as his…