Category: Tax

Most small business owners in the UK do not think the tax system treats their business fairly, according to the British Chambers of Commerce (BCC). In a survey of 1,000 firms, 58% of SME owners said they think the UK tax system is unfair, with different tax rules applying to different types of business. More … Continued

Changes to probate fees – due to take effect last month – have been delayed as Parliament wrangles to resolve the Brexit stalemate. Bereaved families currently pay a flat fee of up to £215 to obtain the grant of probate needed in England and Wales to administer estates worth more than £5,000. That system was … Continued

Most buy-to-let landlords saw their tax bills increase in 2017/18, suggesting the effects of changes to mortgage interest relief were beginning to be felt one year after they were introduced. In a survey by Paragon, 58% of landlords said their tax bill for 2017/18 was higher than a year before, with an average annual increase … Continued

Affluent families in England and Wales face paying probate charges of up to £6,000 from this month after ministers confirmed it as a fee rather than a tax. Families have been used to paying flat fees of up to £215 to obtain the grant of probate needed in England and Wales to administer estates worth … Continued

The Government is considering introducing a new stamp duty surcharge, which is designed to clamp down on overseas wealth being used to buy homes in England. Ministers have expressed concerns that affluent foreign investors, particularly those buying properties in London, have been driving up house prices for domestic buyers. Figures from the Land Registry showed … Continued

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2019. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p   7p (8p) 1600cc or less 10p 1401cc to 2000cc 14p 8p (10p) 1601 to … Continued

HMRC admitted an error which saw hundreds of early-paying taxpayers wrongly issued with late-payment notices before the deadline for self-assessment tax returns. The deadline for 2017/18 self-assessment submissions and any tax owed came and went at midnight on 31 January 2019, with £100 penalties in place for not filing on time. However, 653 people who … Continued

An unnecessary tax charge on inherited ISAs could be resulting in thousands of bereaved partners missing out on a tax break, according to research. Introduced in 2015, the additional permitted subscription is available to the spouse or civil partner of an ISA holder who has died. The subscription provides an extra ISA allowance to the … Continued

HMRC have warned about a sophisticated new scam where fraudsters, posing as the taxman, demand you pay back tax or face punitive fines. They are using the busy Christmas period when many people are also mindful of the coming 31 January self-assessment deadline coming to scam unsuspecting people into handing over thousands of pounds. HMRC … Continued