Entries by Chris Watson

Deadline changes for capital gains

Property owners have been reminded by the taxman about important deadline changes when paying Capital Gains Tax. From April 6, if a UK resident sells a residential property in this country, they’ll now have 30 days to tell HMRC and pay any money owed. If customers don’t inform HMRC about any Capital Gains Tax within […]

Do you need time to pay?

HMRC has a set up a dedicated phone helpline to support businesses and self-employed people concerned about not being able to pay their tax bill due to coronavirus. And the government has also announced that during the outbreak the usual 3.5 per cent annual interest on deferred tax payments will be waived. It is among […]

Make sure you’ve got the right number

New guidance is available on the taxation of mobile phones for employees, an issue which is becoming ever more complex. As growing numbers of people are using mobiles provided by their workplace, differentiating between business and personal use can become tricky. Where more than one device is used, or online calls are made on different […]

Off-payroll rules under the microscope

The government has announced a review of the extension of the off-payroll taxation rules into the private sector. However, it may be too late to prevent their implementation in April, despite growing disquiet. The rules, known as IR35, are intended to tighten non-compliance with off-payroll working regulations. They shift responsibility for determining the tax status […]

Tax return warning over pensions’ growth

AN HMRC warning that high earners are failing to report pensions’ growth on their tax returns means thousands of people could face large bills in the future, it has been claimed. The alert comes from insurer Royal London. It explains that when completing annual tax returns, taxpayers are asked if they have put money into […]

Tory majority: what it may mean for business and tax

The results are in and Boris Johnson and the Conservatives have emerged from the general election with a substantial majority. Political commentators are predicting a Budget from the new government early next year and small business owners will be looking with interest to see what measures it will contain for them. And which of its […]

R&D tax credit claims up 20 per cent

There has been a 20 per cent increase in the total number of claims for R&D tax credits, according to the latest HMRC figures. And the good news is that the increase in the take-up is being attributed to a growing number of SME claims, with the department forced to add extra resource to meet […]

Accidental landlords on the wain

The number of homes let by ‘accidental landlords’ has fallen for the first time in five years, a new report reveals. So-called accidental landlords are those who didn’t buy a property with the intention of letting it out, but who have ended up doing so. That’s usually because they cannot sell and need to move, […]

Loan Charge review announced

An independent review of the Loan Charge will be led by Amyas Morse, former chief executive of the National Audit Office, it has been revealed. Announced by Chancellor Sajid Javid, the appointment follows months of pressure from MPs, taxpayers and campaigners concerned by the controversial charge and its impact on people. The Loan Charge came […]

HMRC collects record £5.4bn ‘death taxes’

The government’s coffers have been boosted by a record £5.4bn in inheritance tax, new figures have revealed. The number of estates paying inheritance tax (IHT) has also risen sharply, with figures released by HM Revenue & Customs (HMRC) revealing 28,100 estates paid it in 2016-17, an increase of 15 per cent on the year before. […]