Latest Private Client Tax

  If you have a residential property which is worth more than £500,000 and is held in a company then you will be required to complete an Annual Tax on Residential Dwellings (ATED) form. The deadline is fast approaching with all ATED forms for 2018 to 2019 tax year being due for filing by 30th…

  Making mistakes on self assessment tax returns however innocent can lead to enquiries, investigations and additional tax, interest and penalties. Below are some of the top mistakes many people make: Forgetting to include income from a previous employment that ended part way through a tax year. Forgetting to include benefits from a previous employment…

  Payments on Account (POA) tend to cause confusion for individuals submitting a Self Assessment Tax Return and may result in cash flow issues for some taxpayers. POA are payments which HMRC require in advance for the current tax year, based on the liability in the previous year. You will have to make POA if…

  A 5% penalty will be imposed for those who have not paid their 2016/17 Income Tax, Capital Gains Tax and Class 4 National Insurance Contributions by Friday 2nd March. The due date for payments was 31st January 2018, however the penalty can be avoided if a time to pay arrangement is agreed in advance.…

  HMRC are now issuing statements to taxpayers ahead of the 31 January 2018 tax payment deadline.   Unfortunately, for a large number  of trust taxpayers, HMRC’s calculation and statement is incorrect, resulting in HMRC demanding an incorrect amount.   HMRC’s Nottingham Trusts district is apparently aware of this issue, and is currently having to…

In recent years the tax system has been used increasingly to try to influence behaviour in the buy to let property market – the increases in Stamp Duty Land Tax, the restriction of tax relief for mortgage interest and the higher rate of capital gains tax for residential property sales are all examples of government…

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…

  At the moment, tax relief remains available on pension contributions at an individual’s top rate of tax, making pensions a very tax efficient form of investment. Especially when the new provisions for flexible access of pension funds is taken into account.   But we have yet another Budget approaching, on 22nd November, and it…

  HMRC have now implemented their ‘Simple Assessment’ project, where they use the information already available to them from employers, pension providers, the DWP and banks to calculate the tax for those with straightforward or ’Simple’ tax affairs, without the need for a tax return to be completed.   In theory this sounds like an…

  Following last year’s report from HMRC  showing that only a quarter of couples eligible for marriage tax allowance were actually claiming, figures have reduced but still stand at just over a half of couples missing out on the £230 a year they are entitled to. Although the government have tried to simplify the application…