The long-term ambition of Making Tax Digital is to simplify that tax system, speed up calculation and collection and also close loopholes that are estimated to cost the treasury up to £31bn a year in unpaid taxes. Whilst its phased rollout has been subject to delays and changes due to Covid and Brexit, Chancellor Rishi […]
Perhaps it was the lack of wiggle room afforded to him or the fact that today’s Government is like a sieve when it comes to news of plans and ideas circulating around the cabinet table, but the lack of surprise elements in this week’s budget was probably, in itself, not a surprise.
Having picked up the Treasury reins just weeks before the Covid pandemic broke, Chancellor Rishi Sunak has so far had little room to manoeuvre or stamp his own brand on the economic plan for the UK. Despite making numerous announcements and unveiling multiple recovery and support plans, his budget statement on March 3rd 2021 is […]
Whilst there no longer appears to be anything that is truly unusual in the current climate, the Chancellor took the unusual decision to cancel November’s planned budget statement and delivered a Winter Economy Plan in its place. This move once again underlines the lack of long-term certainty that the Covid pandemic is enforcing on the […]
If your personal circumstances have been impacted by the Covid-19 pandemic, here are 3 ways that you can try to ease the financial burden. 1. Take a rent or mortgage holiday All major mortgage lenders will provide you with a 3-Month repayment holiday. However, you should remember that this is not a reduction in your […]
An increasing number of families across the country are facing the prospect of significant Inheritance Tax (IHT) bills. Chichester is at the forefront of this mounting problem as asset rich, cash poor (relatively) families fail to make use of strategies to mitigate the impact of IHT. Whilst many over 50s will be counting the benefit […]
Property owners need to be aware of significant changes to Capital Gains Tax (CGT) rules regarding the disposal of property assets. A range of measures were announced in the Autumn Budget 2018 that will impact those selling their main home, second homes or buy-to-let properties. One significant change relates to the sale of main homes. […]
Having identified that their calculations may have contained an error, HMRC has announced that it is set to review the tax returns of around 30,000 individuals, to address concerns that some may have been overcharged. The issue is believed to be isolated to tax bills issued in 2016/17 and specifically relating to the personal savings […]
The Association of Accounting Technicians (AAT) has raised concerns about proposed changes to rent a room relief. In response to the rise in popularity of self-managed letting portals like Airbnb, The Treasury is introducing new rules that reduce the tax-free allowance for landlords, unless they are present for part or all the letting(s). The introduction […]
With just 12 months until it was meant to be fully launched and having already suffered delays to what was an ambitious roll out plan, HMRC’s Making Tax Digital (MTD) strategy has now been put on hold, indefinitely. In a statement to tax professionals in April, HMRC made it clear that the impact of preparations […]
Want to know what you can earn and save this year following the recent changes to personal tax free allowances? Here are the key elements: Personal Allowance With a new tax year comes the now usual change to the personal allowance. The Government looks set to continue with creeping increments to the amount that can […]
Despite the Government’s long-term ambition to rid the world of tax returns through the introduction of the Making Tax Digital initiative, January 2018 was another record year for the number processed. Like all necessary evils, no one wants to think about tax returns until it is imperative to do so, but the flip side of […]