If you are required to file a Self Assessment tax return there are compelling arguments to support the notion that you should calculate your tax position as soon as you can after the 5 April. Don’t forget, it is possible to work out your tax position for 2014-15 and consider your planning options before you file the return. Certainly, we can undertake this for you.   By the end

  HMRC have started to distribute personal tax summaries that set out how much tax you have paid and how the revenue collected is spent by government. According to a recent press release:   Personal tax summaries show you how your tax is calculated and what it is spent on Personal tax summaries show you how much Income Tax and National Insurance Contributions (NICs) you paid over the financial year

  At present, if you file your Self Assessment tax return before a certain date, you can elect to have any arrears paid off by making an adjustment to your tax code in the following tax year.   In order to qualify for this option you must have your return filed by 30 December.   For example, if you file your 2013-14 return before 30 December 2014 you can request

  The online filing deadline for 2013-14 Self Assessment tax returns is 31 January 2015. However, if you are still filing a paper version of the return, the 2013-14 deadline was 31 October 2014.   As the 31 October paper-filing deadline has passed, even if you have no tax to pay, or you eventually pay your tax on time, and if you file a paper return for 2013-14 between now

  If you let a room or rooms in your main home you will not pay any tax on rents received as long as the gross receipts do not exceed £4,250 in a tax year.   This relief extends to owner occupiers and tenants who receive rent from letting furnished accommodation in their home.   If your gross receipts are more than £4,250 you can choose between paying tax on:

  If a property is let furnished – with sufficient furniture, furnishings and equipment for normal residential use – landlords can only claim tax relief for the furniture and equipment by way of the WTA. Prior to April 2013, landlords had the option of claiming the cost of replacement furniture instead.   The WTA is calculated as 10% of the gross rents less any tenant’s costs (e.g. water rates and


Sep 2014

Smash and Grab

Smash & Grab The Government is considering the response to its consultation document on proposals to introduce powers allowing HMRC to dip into a tax payer’s bank account in order to recover arrears of tax. There will be safeguards:   The debt recovered would have to be £1,000 or more. A minimum of £5,000 has to be left in an account after the debt has been recovered.   Needless to

Penalty for just one day Consider the following facts:   The filing deadline for a Stamp Duty Land Tax return was a Sunday. A member of the advisor’s staff forgot to file the return by the end of the Friday – two days before the deadline.   Realising their mistake, the staff member took the file home with the intention of filing over the weekend.   Due to problems with