Figures released by HMRC have revealed that the amount of capital gains tax and inheritance tax collected in 2018/19 hit record levels, at £9.2bn and £5.4bn respectively. A lot of this is being generated by property values, and the CGT take in particular is...
Mortgage Interest Relief on buy to let mortgage Since 6 April 2017, the government has phased in the removal of interest for buy to let landlords. The restriction will be fully in place from 6 April 2020. The finance costs that are restricted include interest on...
Individual Savings Accounts (ISAs) There has been a small increase in the annual Child Trust Fund and Junior ISA savings limit to £4,368. This is an increase of £108 in comparison to 2018/19 (£4,260). As with the standard ISA rules all income and capital gains within...
As 2019/20 tax year covering the period 6 April 2019 to 5 April 2020 has now begun there are changes which came into effect from a personal tax perspective. In a series of blogs we will be providing a summary of some of the changes, starting with the personal...
HM Revenue & Customs for some reason following the submission of 2017/18 self-assessment tax returns have not been processing the 2018/19 payments on account. HM Revenue & Customs are aware of the problem, however, they have not been able to fix the issue of...
According to HM Revenue & Customs approximately 746,000 self-assessment tax returns for the 2017-18 tax year were not filed by the 31 January 2019 filing deadline. As a result anyone who has missed the deadline will automatically be issued with a £100 late penalty...
