Spring Budget 2020

Here is a detailed summary of the key changes announced in the Spring Budget 2020. Personal Tax Rates and allowances for 2020/21 As already legislated for, the personal allowance remains at £12,500 and the basic rate limit at £37,500. Indeed, … Read More

New Capital Gains Tax 30-day reporting and payment regime from 6 April 2020

From 6 April 2020 UK residents who sell a residential property that gives rise to a capital gains tax (CGT) liability must send a new standalone online return to HMRC and pay the tax due within 30 days of completion … Read More

Non Resident Capital Gains Tax

We wanted to bring to your attention an important change in the tax rules which you may or may not be aware of.  Non UK residents now need to submit a non-resident Capital Gains Tax return if you’ve sold or disposed of … Read More

Off-payroll working rules factsheet for contractors

The Treasury has published a factsheet specifically aimed at contractors, which we’ve included below. It helps explain the changes to the IR35 compliance rules from April 2020. If you have any queries please contact us. Credit: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/857148/Contractor_factsheet.pdf

Working through your own limited company? Are you ready for the new ‘off payroll working’ rules from April 2020?

This article from the Low Incomes Tax Reform Group looks at the new rules (known as ‘off payroll working’ rules) which are due to be introduced in April 2020, which could significantly impact any tax savings that you, and other … Read More

Grandparents – claim your state pension ‘babysitting’ credits

This article from the Low Incomes Tax Reform Group looks at family members who look after a relative’s children to allow them to go out to work, and how they may be able to increase their future state pension by … Read More

Received a P800 Tax Calculation from HMRC? Check it is correct!

Over the next few months, millions of people who pay tax through PAYE will receive P800 calculations from HMRC telling them they have either underpaid, or overpaid, tax. Any calculations should be treated with caution – it is by no … Read More

A year left to claim full marriage allowance refund

The Low Incomes Tax Reform Group (LITRG) is reminding couples that they have until this time next year (5 April 2020) to claim marriage allowance refunds dating back to the first tax year of the allowance, 2015/16. The marriage allowance … Read More

What to do if HMRC didn’t collect your Payment on Account

This article from Accounting Web explains how a glitch within the HMRC self assessment system has meant that some taxpayers were not informed of the amount of tax to pay on account by 31 January 2019 and this problem won’t … Read More

Hiring staff on an employed or self employed basis?

LITRG have developed a detailed factsheet for people hiring someone to work for them. This looks at employment status – that is, whether an individual you hire is employed or self-employed for tax purposes. ©shutterstock/wavebreakmedia If you hire someone to … Read More