Category: Tax

Landlords are increasing rent prices due to the recent introduction of buy-to-let tax regulations, according to a study. Estate agent Your Move analysed rental prices on around 20,000 properties and found the average rent in England and Wales rose by 3.1% in the past year to £874. The rise in rental prices can be attributed … Continued

The government has published Finance Bill 2017-19, containing a number of changes that will affect both savers and investors. Many of the measures in the Bill were expected in April 2017 but were withdrawn due to the snap general election, which took place on 8 June 2017. Most of them have now been reinstated with … Continued

The deadline to submit your self-assessment paper tax return for the 2016/17 tax year is 31 October 2017. All income received during the tax year running from 6 April to 5 April must be accounted for in your tax return. To report your income, claim tax reliefs or any outstanding repayments, you need to complete … Continued

Businesses accepting cash payments of €10,000 or more in exchange for goods are required to register with HMRC under money laundering regulations (MLR). Recent changes to regulations mean that companies accepting cash payments on or above the threshold limit (or equivalent in sterling) will be classed as high value dealers. Transactions that are considered high … Continued

Self-employed people would prefer to receive sick pay than any other statutory benefit, a study has found. FreeAgent and The Freelancer & Contractor Services Association (FCSA) polled 900 micro-business owners and found 76% do not currently offer sick pay and other benefits such as maternity leave, holiday or redundancy pay. Attitudes towards statutory benefits varied … Continued

The second annual deadline to submit advance payments towards your self-assessed tax bill for the previous year is due on 31 July 2017. ‘Payments on account’ take place every six months – on 31 January and 31 July – and include class 4 national insurance contributions if you’re self-employed. Each payment is half your previous … Continued

Royal London is calling on HMRC to change inheritance tax (IHT) rules on larger estates to allow executors more time to pay complex tax bills. Under current rules, the executor of a will can manage a person’s estate following their death by applying for a ‘grant of representation’ – otherwise known as probate. The process … Continued

HMRC has published revised advisory fuel rates for company cars, applying from 1 June 2017. The rates are to be used only where employers either reimburse employees for business travel in their company cars, or require employees to repay the cost of fuel used for private travel. These rates apply from 1 June 2017. You can use … Continued

HM Revenue and Customs have acknowledged that their software and some commercial software used by accountants doesn’t always come up with the right amount of tax payable! You may have seen this reported in some newspapers such as the Daily Telegraph. This arises because the tax system of different income tax personal allowances, dividend allowances, … Continued

It is time to file your employment related securities (ERS) tax return with HMRC. The deadline is 6 July 2017. What to report? All employers have to file annual tax returns reporting grants, lapses, exercises and awards of shares or share options during the tax year 6 April 2016 to 5 April 2017 (the tax … Continued