As implied in the CGT planning article above, the 31 January 2016 was not only the deadline for filing your self assessment return online, it was also the date when any underpayment of income tax, Class 4 NIC and CGT for 2014-15 fell due for payment, together with your first payment on account for 2015-16.   If you made your payment on time there is no need to read

  George Osborne and his team seem to have a grudge against landlords and second home owners. From 1 April 2016, Stamp Duty Land Tax (SDLT) payable on the acquisition of residential property – where the property is a second home or a buy-to-let investment – will see a significant increase in the amount of SDLT payable.   At present, this will only apply to properties purchased in England and

  The following information is extracted from the Government’s help sheet:   New accounts will be available for 4 years, but once you have opened an account there’s no limit on how you long you can save for. Accounts will be available through banks and building societies from Autumn 2015. You can make an initial deposit of £1,000 when you open the account – in addition to normal monthly savings.

  One of the more obscure filing deadlines for Self Assessment purposes relates to a claim to have your tax underpaid for a year recovered by an adjustment, an increase, in the PAYE stopped from your salary in a future tax year.   For underpayments year to 5 April 2015, the filing deadline is fast approaching, 30 December 2015.   You will not be able to request this type of

  There is barely three months left until the deadline for filing Self Assessment returns for 2014-15 passes. After 31 January 2016 automatic late filing penalties will apply.   Unfortunately, on the same date, 31 January 2016, you will need to settle any outstanding tax owed for 2014-15 and make a payment on account for 2015-16.   Readers who have not yet filed their 2015 return should reflect on this:

  From April 2016, you won’t have to pay tax on interest received up to £1,000 (if you are a standard rate taxpayer), or £500 if you pay tax at the higher rate.   Therefore, to be eligible for this new allowance in 2016-17:   Your taxable income needs to be less than £42,700 a year to qualify for the £1,000 PSA, or, Your income needs to be between £42,701

  If you own property in the EU you may be advised to revisit your Wills and make sure that you are not affected by the automatic succession rules that apply in many countries. For example, in France it is the usual practice to ensure that property is left to children rather than the surviving spouse.   Recent changes in EU law and practice mean that you can now nominate

  Legislation in Summer Finance Bill 2015 introduces a tapered reduction in the annual allowance from 6 April 2016, for those with an ‘adjusted income’ of over £150,000.   The ‘adjusted income’ definition adds-back any pension contributions, to prevent individuals from avoiding the restriction by exchanging salary for employer contributions.   To provide certainty for individuals with lower salaries who may have one off spikes in their employer pension contributions,

  One of the tax issues that the Conservative Party promised to legislate for, a promise they made during the recent election campaign, was the easing of the Inheritance Tax charge for home owners in the UK. The much publicised change was to take family homes of up to £1m out of Inheritance Tax charge completely.   The Chancellor’s announcement last month confirmed this intention, but it will not happen

  HMRC have started the process of sending formal statements to taxpayers who may have under or over paid Income Tax for 2014-15.   In a recent press release they said:   “We are sending P800s that show an overpayment of tax first, followed by a cheque around a fortnight later. You don’t need to do anything. The whole process should be completed in October.   This automated process ensures