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Changes to Capital Gains Tax on Private Residences
Since April 2020 there have been two phases of changes to the tax paid on residential property sales. The idea is to increase the tax paid from the disposal of residential property and collect this tax much more quickly. For personal taxpayer capital gains tax (CGT) is paid between 10 months and 22 months after…
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Surprise! Surprise! HMRC Calling
According to recent reports HMRC has increased the number of small business investigations and they continue to be seen as soft targets. About 7% of tax inspections are random, the majority are triggered because HMRC believes that something is wrong. What can you do to reduce your chances of being selected? File your tax returns…
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HMRC and Late Filing Penalties – No New News!
Have you seen the recent news coverage about HMRC cancelling their usually strict £100 penalty if you are late with your tax returns? We need to tell you that this is not new news!
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Employers Attacked Over RTI Mistakes
We’ve kept you updated with the introduction and issues with Real-Time Information (RTI), and now we have further information about how employers who make mistakes in RTI reporting have been fined. Between July and the end of September HMRC carried out a review of discrepancies between the amount of PAYE tax and NI employers thought…