Category: Tax

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

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

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

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 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

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

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

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

VAT for pubs, restaurants, holiday accommodation and entry to certain attractions increased from 5% to 12.5% last month, following the end of a tax break. A temporary cut first introduced on 8 July 2020 saw the standard rate of VAT for struggling businesses in the hospitality and tourism sectors fall from 20% to 5%. That … Continued

National Insurance contributions (NICs) and the three dividend tax rates will all increase 1.25% from April 2022 to pay for the social care system in England.  This social care package will be funded through a new UK-wide health and social care levy, which is expected to raise around £12 billion a year. The levy will … Continued