My Latest Blogs
8th January 2020
It’s the final countdown!
There are only 23 days until the self-assessment tax return deadline of 31 January 2020. If your return is not filed electronically by this date, an automatic £100 penalty will be applied. Please note that the deadline for filing a paper tax return was 31 October 2019 and therefore all returns are required to be…
25th November 2019
Don’t let your tax bill affect your festive joy. Instead, spread your tax payments throughout the year!
With the festive period fast approaching, it is easy to lose sight of your self-assessment tax return! If you are employed or receiving a pension and you file your return before 30 December 2019, you can elect to have your tax collected through ‘Pay As You Earn’ (PAYE) rather than paying one lump sum…
12th November 2019
Finance charges for landlords – The knock on effects
Since 6 April 2017, changes are being gradually introduced to restrict the relief available to landlords in respect of their finance costs. Under the old rules, the interest element of the mortgage payments was 100% allowable for income tax purposes. However, this is gradually being replaced with a 20% tax reducer instead. The timetable…
4th July 2019
PAYE Settlement Agreement Deadline – 6 July 2019
A PAYE Settlement agreement allows employers to make one annual payment to cover the tax and National Insurance liability on minor, irregular or impracticable expenses for any employees. HMRC have now changed the process for PSAs and, instead of applying for a new PSA annually, from 2018-19 employers will have an enduring agreement and therefore…
19th June 2019
Let’s get trivial
Trivial benefits are exempt from income tax and Class 1A NIC and therefore not reportable on a P11D. With the P11D deadline of 6th July fast approaching, I thought now would be the perfect time to review exactly what criteria needs to be met in order to qualify as ‘trivial’. Benefits are exempt from tax…
13th May 2019
Marriage Allowance
As detailed in a recent blog written by Matilda Mawson (https://www.whitingsllp.co.uk/has-your-claim-for-marriage-allowance-transfer-been-refused/), a ‘Marriage allowance’ was introduced from 5 April 2015 onwards, which allows a person 10% of their personal allowance to be given to their husband, wife or civil partner. However, if you or your partner were born before 6 April 1935, you…
11th April 2019
£10 a day from the 1st May!
If you submitted your tax return after the filing deadline of 31 January, or you still have not submitted your tax return, then you will automatically be fined £100 for missing the deadline. In February, HMRC announced that they would be delaying issuing the late filing penalty notices due to Brexit. They have now…