More than one million individuals completed their self-assessment tax return by the extended deadline at the end of February 2022. HMRC estimates 11.3m of 12.2m of the taxpayers who had to file a self-assessment tax return for the 2020/21 tax year did so by 28 February 2022. Individuals and trusts required to submit a self-assessment … Continued
HMRC eyes reform of stamp taxes and multiple dwellings
Changes to reform multiple dwellings relief and how stamp duty land tax is calculated on purchases of mixed-use properties could be in the pipeline. A 12-week consultation closed last month, after HMRC sought feedback on proposals to crack down on abuse by restricting homeowners from obtaining the relief. Multiple dwellings relief is available when at … Continued
Two million people missed self-assessment deadline
More than two million people missed a self-assessment tax return deadline on 31 January 2022, according to HMRC. The tax authority said more than 10.2 million returns were filed ahead of the original deadline, leaving 2.3 million still to file. Late-filers had until 28 February 2022 to file their 2020/21 tax returns online before being … Continued
HMRC waives penalties again for late self-assessment
Anyone who missed last month’s self-assessment deadline has until 28 February 2022 to file their tax returns online before being fined. HMRC said last month that fines would not be enforced on taxpayers who missed the 2020/21 deadline at midnight on 31 January 2022. The tax authority said COVID-19 had piled added pressure on individuals … Continued
Report sheds more light on changes to R&D regime
More details have emerged on upcoming changes to the UK’s research and development (R&D) regime, which will take effect from April 2023. The Treasury published a report on R&D following last year’s Autumn Budget, in which Chancellor Rishi Sunak announced several new measures. “If we want greater private-sector innovation, we need to make our R&D … Continued
One in four buy-to-let landlords ‘plan to sell up in 2022’
Almost a quarter of landlords plan to sell up over the next 12 months as buy-to-let becomes increasingly difficult to navigate, a report has claimed. Research from the National Residential Landlords Association (NRLA) found that 23% of property investors intend to dispose of an additional residential property this year. Buy-to-let landlords said tougher tax rules, … Continued
HMRC issues last reminder for 2020/21 personal tax returns
HMRC is reminding taxpayers that the deadline to submit 2020/21 personal tax returns through self-assessment is on or before midnight on 31 January 2022. Some 407,510 startups were created during the 2020/21 tax year, despite the challenges presented by the pandemic. Those who are unincorporated require a unique taxpayer (UTR) code to file their first … Continued
Tax reporting deadline for additional property sales extends
Buy-to-let landlords and second homeowners have twice the amount of time to report and pay capital gains tax after selling a residential property in the UK. The deadline to report and pay capital gains tax after completing the sale of additional UK residential property is now 60 days – up from 30 days. The change … Continued
Cladding tax to affect large property developers in 2022/23
A new levy on large residential property developers’ profits intends to raise around £2 billion over the next 10 years, starting from next spring. The ‘cladding tax’ will be a 4% tax on developers with company profits of £25 million or more from residential development, although student and build-to-rent developments are exempt. It expects to … Continued
Extension for temporary £1m annual investment allowance
The temporary increase to the annual investment allowance has been extended by 15 months, just eight weeks before it was due to expire. The allowance offers 100% tax relief on qualifying plant and machinery up to a specified annual limit. In 2019, the allowance was increased from £200,000 to £1 million – a rise that … Continued