by | Oct 22, 2020 | Income Tax
In the current tax year, anyone with taxable income of less than £17,500 will have no tax to pay on their savings income – interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is...
by | Oct 15, 2020 | Income Tax
One of the measures announced by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help tax payers affected by COVID-19 to use the Time To Pay service. Businesses and self-employed people in financial...
by | Oct 8, 2020 | Income Tax
The 2019-20 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2020. Due to the impact of coronavirus, taxpayers were able to delay making their second payment on account for the 2019-20 tax year (due on 31 July 2020) until 31 January...
by | Oct 1, 2020 | Income Tax
Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The regime will require businesses and individuals to register, file, pay and update their information using an online tax account. The regime...
by | Sep 24, 2020 | Income Tax
The cash basis scheme helps landlords, sole traders and other unincorporated businesses to benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The entry threshold for the cash...
by | Sep 2, 2020 | Income Tax
As a general rule, the fall-back position for couples who live together with their spouse or civil partners is that property income – where the property is owned in joint names – is divided 50:50. This is regardless of the actual ownership structure....
