On 17 November the chancellor made his autumn statement and made a number of changes to the UK tax systems. Please take the time to read our summary of the changes announced and their impact via the link below. Autumn Statement Summary If you have any questions, or concerns, over these changes please…
Time is running out for taxpayers to settle any second payment-on-account for the 2021/22 tax year. The payment is due by 31 July, where one is payable. The amount payable is the second payment-on-account for the 2021/22 tax year and is automatically calculated as half of the total tax liability for the previous tax year,…
HMRC police the tax system by investigating the accuracy of tax returns, VAT returns, payroll, etc via targeted, or random, tax enquiries. With a budget deficit of over £355 billion we fully expect HMRC to raise more enquiries this year to increase tax revenues. You will want to be in a position to ensure that…
If you own a UK holiday let are you declaring your rental profits to HMRC? If not time may be running out to make a voluntary disclosure of past profits. HMRC has the power to request information, or documents, from third parties such as holiday booking sites; as well as being able to search…
The new levy will increase all NIC rates by 1.25% from April 2022, this will affect employees, employers, self employed and the NIC paid on P11D benefits (such as company cars and private health care). The increase will apply to employed (include deemed employees) and self-employed individuals and partners earning above the class 1 primary…
Many taxpayers who are required to file a self-assessment tax return to HM Revenue & Customs should now be preparing for their next tax payment which is due by 31 July. The amount payable is the second payment-on-account for the 2020/21 tax year and is automatically calculated as half of the total tax liability for…
The New Year is approaching and so is the deadline for filing your Self-Assessment Tax return – January 31, 2021. Our tax experts can ensure everything is completed accurately and submitted on time. If you need help or advice with your tax return or any other accounting or financial matters, please contact your local…
Many taxpayers who are required to file a self-assessment tax return to HM Revenue & Customs should now be preparing for their next half-yearly tax payment which is due by 31st July. The amount payable is the second payment-on-account for the 2019/20 tax year and is automatically calculated as half of the total tax liability…
If you are an employee with a company car, and maybe fuel provided, it is worthwhile considering giving up the car, or fuel, during the current pandemic if you are working from home or furloughed. A company car benefit in kind (BIK) is a set amount based on the list price and emissions regardless…
When UK resident individuals, trustees and personal representatives dispose of residential property it is important to be aware of the Capital Gains Tax (CGT) reporting changes now with us where the unconditional contract is signed after 6 April 2020, usually this is the date of exchange. Generally a return in respect of such a…