HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants. From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid. Entitlement to the fourth and fifth SEISS grants can be… Continue reading HMRC starts chasing up SEISS overpayments

Payment period on residential CGT is doubled

The government has doubled the period for filing and payment of capital gains tax (CGT) on residential property from 30 days to 60 days. The measure was announced by Chancellor Rishi Sunak in the recent Autumn Budget. The change applies from 27 October 2021. It sees the deadline for residents to report and pay CGT… Continue reading Payment period on residential CGT is doubled

Autumn Budget 2021

On 27 October 2021 the Chancellor, Rishi Sunak, presented his latest Budget.  Overall it seemed more of a “spending” budget than a “tax" budget and there was very little that was actually new, with major policy changes having been leaked in advance or announced previously…. Given there have been grants and reliefs dished out over… Continue reading Autumn Budget 2021

HMRC outlines changes to late payment penalty regime

HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them 'fairer and more consistent across taxes'. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA).  … Continue reading HMRC outlines changes to late payment penalty regime

£1 million Annual Investment Allowance cap extended

The Treasury has confirmed that the £1 million cap on the Annual Investment Allowance (AIA) is to be extended for an additional year as the government continues to look at ways to stimulate the economy. The AIA provides a tax write off against profits for expenditure incurred on plant and machinery by businesses and owners… Continue reading £1 million Annual Investment Allowance cap extended

Self assessment customers to benefit from enhanced payment plans

Self assessment taxpayers are now able to benefit from enhanced payment plans and can apply online for additional support to help spread their tax bill into monthly payments. The online payment plan service was already able to set up instalment arrangements for paying tax liabilities up to £10,000. From 1 October 2020, HMRC increased the… Continue reading Self assessment customers to benefit from enhanced payment plans

Time To Pay Tax

If coronavirus means you can't pay a tax bill on time, the government is offering Time To Pay (TTP) as a way of easing cash flow problems. It is important to appreciate that TTP cannot be used to reduce tax liability. TTP is just that - it buys time, giving you breathing space and spreading… Continue reading Time To Pay Tax

Tax calendar: April 19th 2020 Deadlines

Automatic interest is charged where PAYE tax, Student loan deductions, Class 1 NI or CIS deductions for 2019/20 are not paid by today. Penalties may also apply if any payments have been made late throughout the tax year. This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to… Continue reading Tax calendar: April 19th 2020 Deadlines

Call for review of High Income Child Benefit Charge

The Low Incomes Tax Reform Group (LITRG) is calling on the government to address issues with the High Income Child Benefit Charge (HICBC). The HICBC is designed to claw back child benefit where the claimant or their partner earns in excess of £50,000. According to LITRG some households think making a child benefit claim is… Continue reading Call for review of High Income Child Benefit Charge

Self assessment deadline approaching – 31st Jan 2020

Happy New Year ! Get 2020 off to a good start by making sure you submit your Tax Return by 31st January 2020. The deadline for submitting your 2018/19 self assessment return is 31 January 2020. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in… Continue reading Self assessment deadline approaching – 31st Jan 2020