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If you’ve sold a UK residential property since April 2020 and paid an estimated CGT amount due to HMRC within 30 days of the sale, you may need to reclaim CGT paid on account Unfortunately, HMRC’s Self-Assessment system isn’t joined up with the UK Property Reporting Service for paying CGT due within 30 days of…

HM Revenue & Customs (HMRC) has opened the portal for the fifth round of the Self-Employment Income Support Scheme (SEISS). They have directly contacted taxpayers that they believe are eligible, in recent weeks, and provided personal claim dates. You can make a claim from your personal date until the claims service closes on 30th September…

It is always worth checking the basics as it is surprising how often people overlook some savings.   1. The tax free personal allowance of £12,570 can’t be carried forward, so if you are a director of a limited company ensure you have received a salary. If you have no other earnings, you could set this salary…

In this issue, we cover a number of recent tax changes and things to be aware of in the future. As usual, please contact us if you wish to discuss any matters further. CJRS “Furlough” Grants The fourth version of the CJRS “furlough” grant scheme runs from 1 May 2021 until 30 September with employees affected…

Businesses who are required to use Making Tax Digital (MTD) for VAT but not registered could face fines of up to £400, it has been warned. It comes after HM Revenue & Customs (HMRC) wrote to 100,000 non-compliant businesses reminding them of their obligations. Under the new rules, VAT-registered businesses with a taxable turnover above…

If you work from home on a regular basis, you may be able to claim tax relief. You can now claim quickly and easily for periods up to 5 April 2022. Since the outbreak of Covid-19, working from home has been the new normal for millions of people across the country.  If you are working…

Download our simple guide to the budget  Download the Budget 2021 Rates and Allowances for 2021-22 Furlough and SEISS The furlough and self-employment income support schemes have been extended until the end of September. Furloughed employees will receive 80pc of their salary, but businesses will be asked to contribute to their wages from the end…

Today HMRC has announced that Self Assessment taxpayers will not be charged the initial 5% late payment penalty if they pay their tax or make a Time to Pay arrangement by 1st April. The payment deadline for Self Assessment is 31st January and interest will be charged from 1st February on any amounts outstanding. The…

  Download our free Tax Planning Checklist It is not long now until the end of the tax year, and the Budget is on 3rd March 2021. Taxpayers across the UK are considering how they can mitigate their liabilities from the last year. To help you prepare, we have put together a helpful checklist. Download…

Many businesses deferred VAT payments due between 20th March and 30th June 2020 as a result of the Coronavirus pandemic. These businesses must now consider how they will repay this outstanding tax. They can choose from the following options: Pay the deferred VAT in full by 31st March 2021; Join the VAT Deferral New Payment…