Latest Private Client Tax

For those clients that prepare self-assessment personal tax returns, 31 January is always tax payment day. This tax will primarily be based on your personal income for the tax year ended 5 April 2021, potentially made up of 2 components: The balancing payment for 2020/21 (total 2020/21 tax less 31-Jan-21 and 31-Jul-21 payments on account).…

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…

Businesses may be hoping they can hold their annual Christmas parties this month. Providing the event is annual, open to all employees and the total cost, including VAT, is less than £150 per person (including non employee guest attendees), this will be a non-taxable benefit in kind (ie free of PAYE tax and National Insurance…

New company car advisory fuel rates have been published and took effect from 1 December 2021.   The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.   The advisory fuel rates for journeys…

The government is to increase the earliest age pension savers can access their pension pots from 55 to 57, wef 6 April 2028. Members of the firefighters, police and armed forces public service schemes will not be affected by this increase.

UK resident individuals who dispose of UK residential property are sometimes required to deliver a CGT return to HMRC and make a payment on account of CGT now within 60 days (instead of the previous 30 days) of completion of the property disposal. Broadly, this only applies where the property disposal gives rise to a…

What was not included in the 2021 Budget was probably more important to private tax clients than what was included – no expected increase in CGT rates and no expected restriction of higher rate income tax relief on pension contributions. Whitings summary and commentary on 2021 Budget. There is a minor administration change that will…

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…

As Benjamin Franklin once said; the only two certainties in life are death and taxes. Although it’s a sombre subject, it is important to put in place the right planning so that when we are hit by one, we can avoid the other. We want to ensure we are able to leave as much of…

There has been some controversy on claims made on DIY building schemes. HMRC have updated their guidance on goods and services that can be claimed under the VAT DIY Housebuilders’ Scheme.   The list is extensive and gives an ABC of items that are allowed, from Agas to woodworm treatment – but there’s a catch,…