SELF-EMPLOYED INCOME SUPPORT SCHEME The Chancellor has now announced the help that the Government will provide to the self-employed. The scheme will allow some self-employed clients to claim a taxable grant, initially for the next 3 months, but may be extended. You will qualify if you’re a self-employed individual, or a member of a partnership…
Income Tax The 2nd payment on account of tax that is due by 31 July 2020 will be deferred until 31 January 2021. Self-employed taxpayers are eligible for this deferment. There is no need to apply for this offer to apply. No penalties or interest for late payment will apply during this deferral period. Statutory…
CHANGES TO CAPITAL GAINS TAX ON SALE OF RESIDENTIAL PROPERTIES There are three major changes to the way that Individuals are taxed on capital gains arising on the disposal of ‘buy to let’ & ‘second home’ residential properties, coming into effect from the 6th April this year. DATE OF PAYMENT From the 6th April…
Croner Taxwise have issued the following notes in respect of joint rental income: A married couple (or those in a civil partnership) who are living together and own a rental property in joint names are generally treated as entitled to half of the income each. This deeming rule is found in s836 ITA2007 which states:…
We are seeing an increase in the number of clients being contacted by HMRC who are subject to the High Income Child Benefit Tax Charge but have not disclosed this on their Self Assessment Tax Return. In these cases, the taxpayers are required to pay back some, or all, of the Child Benefit received, with…
CAPITAL ALLOWANCES (claimable by the company against corporation tax profits) Until 1 April 2021 (5 April 2021 for income tax) a low or zero emission car can qualify for a 100% first year allowance (FYA) if its CO2 emissions do not exceed 50g/km and the car is purchased new and unused.. PERSONAL INCOME TAX…