Category: Tax

Comments Off on Advisory Fuel Rate for Company Cars from 1 March 2021

Advisory Fuel Rate for Company Cars from 1 March 2021

Advisory Fuel Rate for Company Cars from 1 March 2021

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2021. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p     7p 1600cc or less   9p (8p)   1401cc to 2000cc 12p (11p) … Continued

Comments Off on HMRC issues last reminder for 2019/20 personal tax returns

HMRC issues last reminder for 2019/20 personal tax returns

HMRC issues last reminder for 2019/20 personal tax returns

HMRC is reminding taxpayers that the deadline to submit 2019/20 personal tax returns through self-assessment is on or before midnight on 31 January 2021. Last year, a record-breaking 11.1m taxpayers complied with filing their personal tax return for 2018/19 on time, while around 8% missed the deadline altogether. More than 700,000 people left it to … Continued

Comments Off on Self-employed fear tax returns may affect fourth SEISS claim

Self-employed fear tax returns may affect fourth SEISS claim

Self-employed fear tax returns may affect fourth SEISS claim

Some self-employed workers fear submitting their 2019/20 tax return early might affect their ability to claim a fourth taxable grant from the Government.  The deadline to submit tax returns for 2019/20 through self-assessment is on or before midnight on 31 January 2021, with around 10.7 million returns sent in last year. Last month, an extension … Continued

Comments Off on Government body urges capital gains tax overhaul

Government body urges capital gains tax overhaul

Government body urges capital gains tax overhaul

Current capital gains tax rates are too complex and should be aligned with income tax rates, according to the Office for Tax Simplification (OTS).  Capital gains tax in the UK is charged at 10% and 20% for most taxable assets, or 18% and 28% for residential property that is not a main home. Income tax … Continued

Comments Off on Potential changes to capital gains tax ahead – a Heads Up!

Potential changes to capital gains tax ahead – a Heads Up!

Potential changes to capital gains tax ahead – a Heads Up!

The Office of Tax Simplification’s Report last week on capital gains tax made a number of suggestions to the Chancellor which if introduced would fundamentally change the capital gains tax rules in the UK.  This Report and the proposals made therein clearly point to the intention to align the capital gains tax rates with income … Continued

Comments Off on Sunak hints at spring tax hikes to ‘balance the books’

Sunak hints at spring tax hikes to ‘balance the books’

Sunak hints at spring tax hikes to ‘balance the books’

Chancellor Rishi Sunak has promised to “balance the books” in a bid to plug a £208 billion hole in the UK’s public finances caused by COVID-19. In September, Sunak postponed Autumn Budget 2020 and last month the Chancellor suggested tax hikes could be around the corner next spring. Figures published by the Office for National … Continued

Comments Off on Tax group calls for extension to the annual investment allowance

Tax group calls for extension to the annual investment allowance

Tax group calls for extension to the annual investment allowance

The temporary increase to the annual investment allowance should be extended, according to the Association of Tax Technicians (ATT). The allowance enables firms to fully offset the cost of qualifying capital items of plant and machinery against taxable profits. Since 1 January 2019, businesses have received faster tax relief for plant and machinery investments up … Continued

Comments Off on Video-witnessed wills become legal in England and Wales

Video-witnessed wills become legal in England and Wales

Video-witnessed wills become legal in England and Wales

The witnessing of wills over video-conferencing platforms in England and Wales has been temporarily legalised, the Government has confirmed. The law still requires a will to be made “in the presence of” at least two witnesses to be legally valid, while the use of video should be a last resort. However, some people have understandably … Continued

Comments Off on Applications open for second phase of self-employed income support

Applications open for second phase of self-employed income support

Applications open for second phase of self-employed income support

The second and final round of grants under the self-employed income support scheme (SEISS) opened this month, offering a smaller lump sum grant. From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ worth of profits. This … Continued

Comments Off on Capital gains tax under review as Treasury considers overhaul

Capital gains tax under review as Treasury considers overhaul

Capital gains tax under review as Treasury considers overhaul

The Government has called for a comprehensive review of the capital gains tax system. Chancellor Rishi Sunak has commissioned the Office for Tax Simplification (OTS) to review how asset sales are taxed. Capital gains tax applies on the sales of assets such as second homes, stocks and shares, most personal possessions, and business assets. The … Continued