There has been much commentary in the last week or so concerning the reduction in the Dividend Allowance. This follows the Chancellor’s surprise announcement in the Spring Budget that this would be reduced to £2,000 from April 2018. It would seem an appropriate time to remind individuals that significant changes took place to the taxation of dividends at the start of this current tax year when the £5,000 Dividend Allowance commenced.Read More
I am sure that we are all aware that next Monday is Hallowe’en and many of you will be making preparations; carving pumpkins, trying to find where you put the costumes and hoping that you can find them, so you don’t have to ruin yet another white sheet!
However, next Monday is significant for another reason – for those who want to complete a paper tax return, this is last date that these can be received by HMRC to avoid a late filing penalty.Read More
I recently attended a workshop hosted by HM Revenue & Customs (HMRC) on their plans to ‘Make Tax Digital’. The idea of the workshop was to allow taxpayers and agents to give HMRC their views on the six consultations that are currently open.
Whilst the implications of Making Tax Digital are wide-reaching, the focus of our discussion was how this will affect businesses (which, according to HMRC, includes landlords) and the proposal that quarterly reporting will be needed from April 2018 for many.Read More
The recent taxation changes regarding buy-to-let property have not been favourable. There has been the introduction of the additional 3% Stamp Land Duty Tax on acquiring a second property and the significant reduction in capital gains tax rates announced in the 2016 Budget did not apply to residential property which make both buying and selling a buy-to-let more expensive.Read More
Last year a whopping 10.2 million personal tax returns were filed with HM Revenue & Customs (HMRC) by the 31 January deadline, and whilst the Government likes to talk about taking people out of ‘self-assessment’ the number of returns filed each year has been steadily increasing.
If you have not filed a tax return before, but think you need to complete one for the year ended 5 April 2015, then you need to register to file a return by 5 October 2015.Read More
From April this year we will see the introduction of a new tax break by the Government, which it has coined as the ‘marriage allowance’.
Essentially, someone who is married or in a civil partnership will be allowed to transfer up to 10 percent of their personal allowance to their partner.Read More
Let’s be honest, we’ve all been there. Despite having every intention of getting the Christmas shopping out of the way early life has a habit of getting in the way and you still find yourself rushing around in the crowds on Christmas Eve.
The same applies to completing your tax return, with over half a million people filing theirs on the last possible day in January.Read More