standard page

In light of the influx of government support measures introduced in response to the COVID-19 pandemic, HMRC is in the process of issuing notices to self assessment taxpayers, reminding them to ensure that they have the correct information in order to complete their tax return. This year, in addition to the regular self assessment disclosures, taxpayers will also have to declar ...

HMRC has recently issued letters targeting UK residents who hold cryptoassets (such as BitCoin) to consider their capital gains tax (CGT) position. In the letter, HMRC have advised taxpayers to determine whether they have made a disposal of such assets – in the 2020/21 tax year or earlier – and have set out further points on how taxpayers should then proceed. Individuals need ...

The government has doubled the period for filing and payment of capital gains tax (CGT) on residential property from 30 days to 60 days. The measure was announced by Chancellor Rishi Sunak in the recent Autumn Budget. The change applies from 27 October 2021. It sees the deadline for residents to report and pay CGT after selling UK residential property increase from 30 days af ...

The Institute for Fiscal Studies (IFS) has predicted that millions of people will be worse off in 2022 as a result of spiralling costs and tax rises. Responding to the Autumn Budget, the IFS predicted that low-income families will be squeezed by a rise in the cost of living. The Office for Budget Responsibility (OBR) recently warned that the cost of living is set to rise at it ...

Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech. Download Autumn Budget Report PDF Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally. Don’t forget, we can help to ensure that your accounts are accurate and fully compli ...

HMRC has confirmed that almost 800,000 employees who have been working from home during the pandemic have already claimed tax relief on household related costs. The saving is worth up to £125 per year for each employee, and eligible workers can claim the full year's entitlement if they have been told to work from home by their employer, even if it has been for just one day dur ...

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2021, are due for submission to HMRC by 6 July 2021. The process of gathering the necessary information and completing the forms can take some time, so it is important that this process is not left to the last minute. Employees pay tax on benefits pr ...

Following the 2021 Budget, HMRC have announced reforms to the late filing penalty regime applicable to Self-Assessment tax returns. The new regime will be implemented for those with business or property income over £10,000 from 6th April 2023 and all other taxpayers, from 6th April 2024. How will the new regime work? Rather than the usual fixed financial penalty, each time a ...

Employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year, HMRC has stated. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Employees who have not received the working from home expenses payment direct from their employer can apply ...

The government has published over 30 updates, consultations and documents on the UK's first ever Tax Day. The announcements, which would traditionally be published at Budget, have been released later to allow for scrutiny from stakeholders. It was announced that HMRC will tighten rules to force holiday let landlords to prove they have made a realistic effort to rent propertie ...