Tag: tax

Landlords need to be ready for changes to Capital Gains Tax for property sales

The deadlines for paying Capital Gains Tax after selling a residential property in the UK are changing from 6 April 2020. From this date UK residents selling a residential property in the UK will have 30 days to tell HMRC and pay any Capital Gains Tax owed.

Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value.

Those that don’t tell HMRC within 30 days of completion may be sent a penalty as well as having to pay interest on what they owe.

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Marriage Allowance promoted on Valentine’s Day

HM Revenue and Customs (HMRC) is sharing the love this Valentine’s Day and encouraging married couples and those in a civil partnership to sign up for Marriage Allowance.

More than 3.5 million couples are already benefitting from Marriage Allowance, which was introduced in April 2015, but HMRC estimates around 700,000 couples are still eligible for the free tax break worth up to £238 this year. If their claim is backdated, they could receive a lump sum of up to £900.

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Self Assessment returns: unbelievable excuses and dubious expenses

HMRC reveals some of the most bizarre excuses it has received for not paying tax on time

Most of HM Revenue and Customs (HMRC) customers complete their tax returns honestly and on time but every year it receives some outlandish excuses and expense claims.

Some of the most bizarre excuses HMRC received from customers who missed the Self Assessment deadline include being too short to reach the post box and having fingers too cold to type.

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