The deadline for filing your 2018.19 self-assessment tax return is 31 January 2020. If you haven’t got round to completing it yet, or are concerned about a large liability – don’t worry! You are not alone, and we might be able to help. We might even be able to reduce your liability with some tax planning suggestions.
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We are very excited to announce that we are moving offices! It all started with a client meeting…
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When you sell your home, if it is the only property you own, it is unlikely you will pay any capital gains tax. This is because a relief called Private Residence Relief (PRR) is applied.
If you own a second property and that property is rented out, a relief known as ‘letting relief’ may be available on the second property. The impact of letting relief is to reduce the amount tax payable on the eventual sale of that second property.
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When you calculate the tax you owe through self-assessment, HMRC ask you to make ‘Payments on Account’ (‘POAs’) towards your liability for the following tax year. By default, these are set at the same level as the previous tax year’s liability.
The first of these payments is due on 31 January in the tax year to which it relates, and the second is due on 31 July following the end of the tax year. For example, POAs for the 2018/19 tax year (6 April 2018 to 5 April 2019) are due on 31 January 2019 and 31 July 2019 and calculated based on the level of your tax liability for the previous tax year, 2017/18.
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Many people have come across childcare vouchers in their employment – essentially, this is where an employer can ‘award’ vouchers which are paid tax and NIC free.
However, HMRC have been intending on abolishing this scheme for some time, recognising the lack of equality between employed and self-employed individuals in this area, and the old childcare voucher scheme is now closed to those who were not in it already.
The alternative to this is called ‘Tax Free Childcare’ and is in theory much simpler to administer than the old childcare voucher scheme.
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There have been some pretty significant changes to capital allowances recently, and it’s important to consider these when making investment decisions.
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With the tax year end fast approaching, it’s time to ensure that your tax adviser is working with you to mitigate your liability as far as possible.
There are some very simple tax planning opportunities which can be quickly and easily implemented to make savings.
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As per our recent blog post, the deadline for filing self-assessment is 31 January 2019. Once this is completed for the year and out of the way, it is a natural time to reflect on the service you have received from your current accountant. Many potential clients we speak to are keen to change accountants for various reasons, but fear that it will involve too much hassle. However, be assured that there is very little administration for you at all.
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Now that the Christmas and New Year celebrations have drawn to a close, it’s time to start thinking about less exciting things - like tax.
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We are fast approaching 31 July, which marks the date when the second payment on account for those taxed through self-assessment becomes due.
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