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…
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…
HM Revenue & Customs have reminded Self Assessment taxpayers to watch out for fraudsters as the tax return filing deadline of 31 January approaches. HMRC say they have received nearly 900,000 reports of suspicious phone calls, texts or e-mails from scammers pretending to be the tax authority. Most of these messages were about fake…
There are now only 99 days before the tax return filing deadline of 31 January 2020. Do not delay – file it today! Not sure if you need to file a tax return? HMRC have a questionnaire that only takes a few minutes and will check whether any of your income or gains will require…
The deadline to register for self-assessment, to enable you to complete a 2018/19 tax return, is 5 October 2019. You may be required to complete a tax return for a number of reasons, some examples are outlined below: You have a sole trade and earn more than £1,000 You are a partner in a business…
Most individuals who are required to prepare and submit a self-assessment tax return to HM Revenue & Customs in each tax year should now be preparing for their next half-yearly tax payment which is due by July 31. This tax is the second payment-on-account for the 2018/19 tax year. It is automatically calculated as…
With the new tax year in full swing, we set out below some of the changes to various allowances and tax bands that affect how much tax you are paying: The personal allowance (the amount you can earn before you begin paying tax) has increased from £11,850 to £12,500. The basic rate tax band has…
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…
From 6 April 2020, UK residents disposing of UK residential property will have new capital gains tax (CGT) reporting and payment obligations. The introduction of a 30-day reporting and payment window, i.e. within 30 days of completion of the sale, marks a significant change to the administration of CGT. The changes do not apply…
With the festive period looming, completing self-assessment tax returns are the least of most people’s worries, however, if you are employed or receiving a pension and have tax deducted at source by your employer there is a benefit to filing your return before Christmas! If your return is filed before 30 December 2018 you can…