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Paper Self-assessment Return

Coronavirus Job retention bonus

Paper self-assessment returns will no longer be automatically sent out by HMRC. With the aim to encourage online filing and cut paper usage. Why digital? Why now? For the 2018/19 tax year 94% filed their tax return online recent 110% increase in customers registering for digital communication, HMRC feels this is the next step to … Read more

Capital Gains Tax

Capital Gains Tax changes April 2020 elling a house selling a second property

Changes to Capital Gains Tax April 2020 Property owners selling a residential property in the UK are being reminded by HM Revenue and Customs (HMRC) about important deadline changes when paying Capital Gains Tax (CGT). From 6 April 2020, if a UK resident sells a residential property in this country, they’ll now have 30 days … Read more

Spring Budget

Budget 2021

In the spring Budget, the first Budget since October 2018, newly appointed Chancellor, Rishi Sunak set out his and the government’s spending plans for the year ahead. With the nation’s major concern being coronavirus, Rishi Sunak announced a number of measures that will directly benefit those affected by the outbreak. Setting a side £5bn funding … Read more

Domestic reverse charge

VAT domestic reverse charge 1st October 2020

The domestic reverse charge is a major change to the way VAT is collected in the building and construction industry. Coming into effect on 1 October, 2020 it will mean the customer receiving the service should pay the VAT due to HMRC not the supplier. It will only apply to individuals or businesses registered for … Read more

Capital Gains Tax Deadlines

Capital Gains Tax changes

As from the 6th April 2020, the deadlines for paying Capital Gains Tax (CGT) after selling a property are changing. If you are a UK resident and sell a residential property in the UK you’ll have 30 days to inform HMRC and pay any CGT owed. What is Capital Gains Tax? Capital Gains Tax is … Read more

National Minimum Wage Increase April 2020

Minimum wage increase

If you are an employer, you need to take account of the new levels of the National Minimum Wage increase coming into effect on 1st April, 2020. The hourly rate for the minimum wage depends on your age and whether you’re an apprentice. The minimum wage increases each April. To qualify you must: Be school … Read more

Overhaul of IR35 due 2020

Coronavirus Job retention bonus

An overhaul of IR35 tax rules for contractors in the private sector comes into force from 6 April 2020 when off-payroll working is extended to medium and large businesses, and LLPs. Overhaul of IR35 As from 6th April 2020 the rules for off-payroll working will be extended to the private sector. This will bring contractors … Read more

Marriage Allowance

Marriage Allowance Valentines Day

What is Marriage Allowance? Marriage Allowance lets people with income of £12,500 or less, transfer up to £1,250 of their Personal Allowance to their husband, wife or civil partner – if their income is higher. This reduces their tax by up to £250 for the 2020/21 tax year. Who is Eligable? In England and Wales you … Read more

Online Self Assessments

Self Assessment tax return SATR

Self Assessments online filing HM Revenue & Customs are thanking all customers who filed their Self Assessment tax returns by the 31st January deadline. A record breaking 11.1 million returns were received including 10.4 million online Self Assessment returns. About 11.7 million customers were required to file their 2018 to 2019 tax returns by 11.59pm … Read more