Changes to lettings relief and other exemptions April 2020
Two changes to the way Private Residence Relief works are due to come into effect from April 2020. These changes could reduce the amount of CGT relief available on the sale of a
Welsh rates of Income Tax
The Welsh Government has confirmed that the proposed Welsh Government Budget has been ratified and that the new Welsh rates of Income Tax (WRIT) will be set at 10p for 2019-20.
Reducing payments on account
Taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on:
31 January during the tax year e.g. for
Could you claim the Marriage Allowance?
If you or your partner are a low earner or not working, then you may be eligible for the marriage allowance. The marriage allowance allows lower earning couples to share part of
Remaining age related tax allowances
Most age related tax allowances have been phased out. However, the Married Couple’s Allowance (MCA) is available to elderly married couples or those in a civil partnership where at
Tax if clients leave the UK to live abroad
The P85 form should be completed by individuals or their agents to advise HMRC that have left the UK to live or are going to work abroad for at least one full tax year.
The
Cash basis option for landlords
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords
Did you file your tax return Christmas Day?
A new press release by HMRC has highlighted that 2,616 taxpayers took the time to file their tax return online on Christmas Day with a further 8,465 taxpayers completing their tax
Don’t forget to pay your tax at the end of the month
The 31 January 2019 is not just the final date for submission of your self assessment tax return but also an important date for payment of tax due. This is the final payment
When is lettings relief available?
In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as ‘private residence