During the Spring Budget earlier today, Jeremy Hunt didn’t dish out lots of tax cuts, but focussed heavily on some ‘back to work’ initiatives. This included taking steps to make it easier for those who wish to work longer after the age of 50 to do so, without risking being penalised for tax reasons. …
Owners of commercial properties that do not have an Energy Performance Certificate (EPC) rating of ‘A’ to ‘E’ will need to carry out sufficient works to urgently improve the rating before 1 April 2023, unless specifically exempt. Whilst not directly tax or accountancy related, this change is affecting a lot of landlord clients. The current…
If you owed tax for the 2021/22 tax year, which should have been paid by 31 January 2023, and some or all of this is still outstanding, then HMRC will charge a penalty if: They do not receive payment by midnight at the end of 2 March 2023 and you do not agree a Time…
Divorce and CGT Under current legislation, married couples and civil partners can transfer chargeable assets between them without incurring CGT under the ‘no gain, no loss’ principle. However, for separating couples, this only applies until the end of the tax year of separation. A couple who separated in February 2022 could therefore only transfer…
Tax planning is not often at the top of the to-do list when a couple are separating, however, the timing of asset transfers can make a huge difference for tax purposes. The rules as things stand Married couples and civil partners can transfer chargeable assets between them without incurring capital gains tax…
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…
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…
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…
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,…
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…