Significant changes to how property disposals will be taxed in the UK
From 6 April 2020 there are significant changes to how property disposals will be taxed in the UK. Be aware that if your house sale has been delayed until after 6 April by lockdown you will unfortunately now be caught by changes to the capital gains tax regime for residential property sales. These changes affect those who have not lived in the house as their main home for the d ...
15 Jun 2020
COVID 19 - Extension of Period to Claim Stamp Duty Refunds on Purchase of 2nd Home
HMRC has been persuaded to offer some relief for those caught in a Stamp Duty trap by delays in selling their home caused by lockdown restrictions. The trap was inadvertently created by the property market being frozen. In April 2016, the Government introduced an extra 3pc stamp duty surcharge on properties purchased in addition to a main residence. Buyers could apply for a r ...
Extension for Reporting CGT on the Sale of Residential Property
Since 6 April 2020, UK homeowners have joined non-UK resident owners of residential property in needing to report sales and pay any CGT due to HMRC within 30 days of completion. To help UK resident taxpayers get used to the new rules and online filing process, HMRC has confirmed it will not charge late filing penalties for reports of CGT on disposals of UK residential property ...
11 Jun 2020
Covid-19 - Tax Relief for Additional Cost of Working from Home
Employees who are directed by their employers to work from home are entitled to some relief for additional household expenses incurred such as heat, light, water and business phone calls. The Revenue have confirmed that those affected by COVID are considered in this category. As it is difficult sometimes to quantify these additional costs and whether they exclusively relate t ...
02 Jun 2020
Covid-19 - Deferral of 2nd Payment on Account for 2019/20
HMRC is supporting individuals by offering an optional deferral of the second payment on account for 2019/20, from 31 July 2020 to 31 January 2021. This is an automatic offer and no application is required. No interest or penalties will be charged, so long as both the 2nd payment on account and any balancing payment for the year is made by 31 January 2021. It is not necessary ...
01 Jun 2020
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