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Income Tax

More Details Of MTD For Income Tax Reporting

HMRC are currently consulting on the precise details of what needs to be reported each quarter. As expected, it seems the accounting software will need to record and report income and expenditure in the same categories currently used for self-assessment. The main categories are: Turnover/gross rents Costs of goods sold Materials Wages and salaries of […]

Read more August 4th, 2022

No Changes To Income Tax Rates

The basic rate of income tax and higher rate remain at 20% and 40% respectively, and the 45% additional rate continues to apply to income over £150,000. As previously announced in the March Budget, the personal allowance and higher rate threshold have been frozen at £12,570 and £50,270 until 2025/26. As announced on 7 September, […]

Read more November 2nd, 2021

MTD Coming Soon For Income Tax

VAT registered businesses making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out will be the introduction of MTD for income tax which was originally scheduled to start in April 2023. However, delays to MTD means it will be starting on 6 April […]

Read more August 13th, 2021

Taxation of Self Employed Income Support Scheme

HMRC have now confirmed the basis on which the Self Employed Income Support Scheme (SEISS) will be taxed on individuals. It will be taxed in the tax year in which it was received, rather than being treated as additional income in the accounts year in which it was received. There will be a separate section […]

Read more June 15th, 2021

More Time To Pay Tax Due On 31 January 2021

Those taxpayers who may have difficulty paying the tax due under self-assessment on 31 January 2021 can agree more time to pay with HMRC provided the amount outstanding is no more than £30,000. The government have already agreed that amounts due under self-assessment on 31 July 2020 could be deferred until 31 January 2021, but […]

Read more November 11th, 2020

MTD For VAT Extended To 2022

Since 2019, the vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been mandated to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software. From April 2022 these requirements will apply to all VAT-registered businesses. It has also been announced that MTD for Income Tax […]

Read more September 8th, 2020

Self Assessment Second Payments

For those taxpayers who will be requested to make a second payments on account of the 2019/20 tax liability, the date that was to become payable was 31 July 2020. However, HMRC have announced that this instalment can be deferred until 31 January 2021 without incurring any interest charge. The deferral is automatic and does […]

Read more July 3rd, 2020

Self-Employed Deferment Of Second Payment On Account

Option for self-employed to defer their second payment on account due 31 July 2020. Choose how and when you can delay making your second payment on account for the 2019 to 2020 tax year. You have the option to defer your second payment on account if you are: registered in the UK for Self-Assessment and […]

Read more May 18th, 2020

Self-Assessment Tax Payment Deferral

HMRC have now clarified the position regarding those entitled to defer the self-assessment tax payment falling due on 31 July 2020. The original indication was that this would only apply to those whose self-assessment liability was generated by self-employment income. HMRC have now expanded this to cover all self-assessment liabilities. Whether it has been caused […]

Read more April 1st, 2020

Don’t Lose your Personal Allowance!

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,000 adjusted net income. Another way that you could avoid […]

Read more March 12th, 2020

Consider Other Tax Efficient Investments

If you are looking for investment opportunities, have you considered the Enterprise Investment Scheme (EIS)? These investments in certain qualifying companies allow you to set off of 30% of the amount invested against your income tax bill as well as the ability to defer Capital Gains Tax (CGT) until the shares are sold. An even […]

Read more March 12th, 2020

Tax Investigations Continue To Rise

During 2019 HMRC opened 300,762 investigations into self-assessment tax returns and collected an additional £1.2bn in extra tax as a result during the 2018/19 tax year. HMRC continues to come down hard on taxpayers that make mistakes on their tax returns. Taxpayers should always file complete and accurate tax returns as errors can lead to […]

Read more February 26th, 2020

The World Of Property And Where Are We?

So where are we in terms of the impact to the world of property? Here’s what we can expect to happen this year from a Tax and Legislation perspective:

Read more January 14th, 2020

Tax Return Deadline Approaching: 31 January 2020

Are you a Landlord that has received rental income from between 6 April 2018 and 5 April 2019? Have you filed your tax return yet? The deadline is 31 January 2020 and the payment of any taxes due need to be paid by then as well. Get it sorted sooner rather than later! If you […]

Read more January 13th, 2020

2019 Election Tax Proposals

More money for the NHS? The various political parties have all made bold promises in the run-up to the General Election about increased spending if elected, particularly extra money for the NHS. Although many of the spending pledges will be funded out of increased borrowing, the parties have assumed that they can persuade voters that […]

Read more December 10th, 2019