Shortly before the 31 January 2021 filing deadline for 2019-20 self-assessment tax returns, HMRC announced that the late filing penalty of £100 would not be charged to any taxpayer who submits their 2019-20 by 28 February 2021.
There are a variety of expenses that can be deducted when calculating your net rental profit. Anthony takes a look at these in his blog on Reporting Rental Income!
From the 2020/21 tax year onwards, no deduction will be allowed for mortgage interest in calculating the rental profits.
You can call HM Revenue & Customs on 0300 200 3100 to re-instate your claim for Child Benefit. You will need your National Insurance Number or Child Benefit number.
The High Income Child Benefit Charge (HICBC) first came into effect in January 2013. It is a tax charge that applies to anyone with an income over £50,000 if they or their partner claims Child Benefit.