Penalties waived for tax returns filed before 28 February

Penalties waived for tax returns filed before 28 February

Penalties will not be issued to taxpayers unable to meet the 31 January self-assessment filing deadline, if they file by 28 February 2021. Regardless of this latest announcement, those who can meet the 31 January deadline are encouraged to do

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Civil partnerships and tax

Civil partnerships and tax

Mixed-sex couples in England and Wales have been able to register their intent to enter civil partnerships since 2 December 2019. This follows former Prime Minister, Theresa May’s announcement in October 2018, that the law would change. At time of

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7 things we think you should know as the ISA turns 20…

7 things we think you should know as the ISA turns 20…

The Individual Savings Account (ISA) was first introduced back in April 1999, meaning that this year marks its 20th anniversary. Online investment broker, Hargreaves Lansdown, estimates that approximately £8.7trn has been invested in the tax-free accounts during that time. ISA’s

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Capital Gains Tax: less time to settle liabilities

Capital Gains Tax: less time to settle liabilities

HM Revenue & Customs (HMRC) recently consulted on new rules associated with the payment of Capital Gains Tax (CGT) when disposing of residential property. 30 days to pay… From April 2020, HMRC propose that when a residential or rental property

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Be savvy when it comes to your Personal Savings Allowance

What is the Personal Savings Allowance (PSA)? As of 6 April 2016, the Personal Savings Allowance (PSA) has meant that basic-rate taxpayers and higher-rate taxpayers can earn £1,000 and £500, respectively, in tax-free savings interest. Additional rate taxpayers do not

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Taxpayer’s offer outlandish excuses for flouting tax return deadline

Taxpayers must file 2016/17’s self-assessment tax return and pay any tax owed to HM Revenue & Customs by 31 January 2018. But, despite it being on the same date every year, thousands still manage to miss the tax return deadline. Excuses, excuses,

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Self-employed should be aware of self-assessment registration deadline

HMRC must know about any new source of income by 5th October in the tax year following it’s establishment. The concern, with only a short time left to register for self-assessment, is that self-employed and gig-economy workers may be unaware of this

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