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CGT payment date under consultation The Association of Taxation Technicians (ATT) is warning that owners of second homes and buy-to-let (BTL) landlords may face a much shorter period in which to pay any capital gains tax (CGT) due on property sales from April 2020. Where CGT is due, a disposal is normally reported to HMRC in a self-assessment tax return.…
Self-assessment and disclosure   Finance Act 2016, which became law on 15 September 2016, contains provisions designed to help clarify the time allowed for making a self-assessment. The time limit is four years from the end of the tax year to which the self-assessment relates. This is the same time limit as for assessments by HMRC. The provisions will have…
Reasonable Excuse If you have received a penalty for late filing of your personal tax return it is possible to get it cancelled if all of the following conditions are met: the penalty relates to your tax return for 2013/14; you have now submitted that tax return to HMRC; your appeal against the penalty includes a reasonable excuse for the…
My Tax Return Catch-up The Taxman has launched a campaign to persuade tardy taxpayers to submit their over-due tax returns for 2011/12 or earlier years. If you have a personal tax return form (or notice to complete a tax return) sitting in a drawer, and have been putting off the tedious task of completing it, now is the time to…
Age-related allowances   From 2013/14, age-related allowances are being phased out, the aim is to remove the allowances for those born before the 6th April 1948, when the allowance for those born after the 5th April 1948 catches up;   The dates of birth will be fixed, so people will not move from the £10,500 allowance to the £10,600 allowance. …
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