It will probably be apparent to the casual observer, let alone the business owner or high net worth individual, that the tax climate has changed markedly over the last 10 years. As part of the raft of measures to tackle austerity within western developed nations, with the aim of collecting higher tax revenues, governments have…
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With the new tax year in full swing, we set out below some of the changes to various allowances and tax bands that affect how much tax you are paying: The personal allowance (the amount you can earn before you begin paying tax) has increased from £11,850 to £12,500. The basic rate tax band has…
As detailed in a recent blog written by Matilda Mawson (https://www.whitingandpartners.co.uk/has-your-claim-for-marriage-allowance-transfer-been-refused/), a ‘Marriage allowance’ was introduced from 5 April 2015 onwards, which allows a person 10% of their personal allowance to be given to their husband, wife or civil partner. However, if you or your partner were born before 6 April 1935, you…
A recent series of HMRC high-profile court cases have brought Contractors back into the tax spotlight. TV presenters Lorraine Kelly, Kay Adams and Christa Ackroyd have all defended their working practices with mixed success. HMRC claimed all three should have been taxed as employees rather than business owners. HMRC won the case against Ackroyd…
If you submitted your tax return after the filing deadline of 31 January, or you still have not submitted your tax return, then you will automatically be fined £100 for missing the deadline. In February, HMRC announced that they would be delaying issuing the late filing penalty notices due to Brexit. They have now…
HMRC have recently attempted to remove a marriage allowance transfer for a couple, where the transferor had less than the 10% personal allowance unused. This treatment is incorrect as outlined below: Background to the transfer The marriage allowance transfer was introduced from 5 April 2015 onwards and allows a person to transfer 10%…
From 6 April 2020, UK residents disposing of UK residential property will have new capital gains tax (CGT) reporting and payment obligations. The introduction of a 30-day reporting and payment window, i.e. within 30 days of completion of the sale, marks a significant change to the administration of CGT. The changes do not apply…
In 2016, new legislation came into force which meant that councils now have a duty to grant planning permission to appropriate serviced plots as part of the ‘Right to Build’ entitlement. This was part of the government’s solution to tackling housing shortages across the country – the objective was to double the value of the…
HMRC are not known for being ahead of the curve, so trying to find official guidance on how exchange gains from selling bitcoin, and other crypto currencies, is expected to be self-assessed and taxed, was always going to be ‘problematic’. At the time of first researching this, the latest HMRC guidance was published in 3…
Borrowing to build Self-builders require more money up front than conventional homebuyers. This is because they have to buy their building plots and fund their planning applications before they can apply for any loans. Self-build mortgages tend to be interest-only as fixed-rate loans have substantial exit fees for those who change loans when the…
