From April next year, the pension lifetime allowance will rise by £5,800 to £1,078,900, allowing individuals to save more money without paying tax. The lifetime allowance (LTA) is the maximum amount of pension savings a person can build up without a tax charge. It is currently £1,073,100 but will increase by 0.5 per cent in […]
Research by the Institute for Fiscal Studies (IFS) has found that the Coronavirus pandemic has changed the retirement plans of one in eight older workers. The latest study is based on a survey from the English Longitudinal Study of Ageing (ELSA), which covered 10,000 people aged 50 and over. It found that 13 per cent […]
Thousands of people across the UK have purchased new homes to take advantage of the Government’s Stamp Duty Land Tax (SDLT) holiday, but Legal & General Mortgage Club has warned a backlog in the sales and mortgage process means that sales need to be completed quickly. The SDLT holiday announced earlier this year, ends in March […]
National Savings & Investments (NS&I) has announced that it intends to dramatically cut the interest it pays on many of its savings accounts in November. At the same time, NS&I Premium Bond holders will also see their chances of winning a prize reduced from December. The latest announcement is disappointing to many savers who have […]
The Institute for Fiscal Studies (IFS) has predicted that taxes will need to rise by more than £40 billion a year by the middle of the decade to prevent Government debt from growing out of control. The widely-respected think tank issued the warning following the news that the Government’s Coronavirus response has cost more than […]
Date What’s Due 1/11/20 Corporation tax for year to 31/01/2020 unless quarterly instalments apply 19/11/20 PAYE & NIC deductions, and CIS return and tax, for month to 5/11/20 (due 22/11 if you pay electronically) 1/12/20 Corporation tax for year to 28/02/2020 unless quarterly instalments apply 19/12/20 PAYE & NIC deductions, and CIS return and tax, […]
2018/19 tax returns can be amended by the taxpayer up until 31 January 2021. Where the omitted property income or gain relates to earlier tax years the taxpayer should consider disclosing using HMRC’s let property campaign. If this affects you we can assist you in putting together the details that HMRC require.
For many property owners the rental income will be tax free if it is within the £7,500 rent a room relief and will not even need to be reported. This applies where room(s) in the taxpayer’s main residence are rented out, typically to lodgers. Where the house is owned jointly, they would qualify for £3,750 […]
You may have seen in the newspapers that Airbnb will share data with HMRC about the earnings of hosts (those who let out property) on its UK platform in the years 2017/18 and 2018/19. It is anticipated that HMRC will use this data to open enquiries into the tax affairs of individuals who have not […]
In the March 2021 Budget, it was announced that CGT Entrepreneurs’ relief (ER) was replaced by CGT Business Asset Disposal relief (BADR) for disposals on or after 11 March 2020. It was also announced that the 10% CGT rate would only apply to the first £1 million of qualifying gains in the taxpayer’s lifetime and […]
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