Blog
All the latest changes to tax legislation- important tax dates and deadlines, Help-Sheets on managing your personal finances, business news & opinion, as well as updates on what’s happening at Rawcliffe’s.
New Penalties For Overclaimed CJRS, SEISS And “Eat Out To Help Out” Grants
The penalty may be reduced where the taxpayer assists HMRC in correcting the error.
Claim Your Furlough Grant by 14th
Claims must be made by the 14th of the following month although they can be made up to 14 days in advance.
Airbnb Reporting Property Rental Details To Hmrc
You may have seen that Airbnb will share data with HMRC about the earnings of hosts (those who let out property) on its UK platform …
CGT Business Asset Disposal Relief Lifetime Limit
10% CGT rate only applies to the 1st £1 million of qualifying gains in the taxpayer’s lifetime. Many misinterpreted how this limit applies.
More Time To Pay Tax Due On 31 January 2021
Taxpayers who may have difficulty paying the tax due under self-assessment on 31 January 2021 can agree more time to pay with HMRC…
New Self-Assessment Rules: Spread The Cost
Self-Assessment customers can now apply online to HMRC to spread the cost of their tax bill into monthly payments.
Suggested Company Car Advisory Fuel Rates
Suggested reimbursement rates for employees' private mileage using their company car from 01/09/20
Considering an Electric Company Car?
Legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23.
Get Ready for Leaving the EU on 1st January 2021
The United Kingdom leaves the European Union at 11pm on 31 December 2020 when the transitional period ends.
Deferral of VAT Payments Due to Coronavirus
Half a million businesses who deferred their VAT bills will be given more breathing space through the New Payment Scheme.
Property Business Class 2 NICs
Class 2 National Insurance Contributions (NICs) are currently paid at the rate of £3.05 per week by self-employed earners.
High Income Child Benefit Charges
A recent tax tribunal has ruled against HMRC who were seeking to raise tax assessments for the High Income Child Benefit Charge (HICBC) for earlier years that had not been reported to HMRC.
Rumours of CGT Increaases
There has been a lot of speculation in the Press that the Chancellor may introduce radical changes to capital gains tax to stat to repay the substantial Government borrowings…
Reporting Property Gains Within 30 Days
Since 6 April 2020 where UK residential property is disposed of, the resulting capital gain needs to be reported and the capital gains tax paid within 30 days of completion of the disposal.
Buy-to-Let Landlords Welcome SDLT Cut
Thus, the rate of SDLT on a second home costing up to £500,000 is now 3%. Previously, the rate was 3% up to £125,000, then 5% up to £250,000 and then 8% up to £825,000.
More Details on Hospitality VAT Reduction
When the Chancellor announced a temporary cut in the rate of VAT for the hospitality sector in his Summer Statement on 8 July there were some areas that needed clarification.
Residential Rates 07/20 to 03/21
Residential properties purchased between 8 July 2020 to 31 March 2021: only start to pay SDLT on the amount that you pay for the property above £500,000.
HMRC May Allow Tax Refunds for Anticipated Losses
HMRC announced that they may allow limited companies to make claims for loss relief and tax refunds even though the current accounting period has not yet ended