Loss Carry Back Lifeline for Businesses in Troubled Waters

In the March Budget an emergency extension to the ‘loss carry back’ rules from one year to three years was put in place by the Government, allowing businesses in ‘troubled waters’ due to the pandemic to claim tax refunds, helping to mitigate losses. Incorporated businesses (including those with de facto … Continued

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Puppy Boom Under Tax Scrutiny

With the prices for puppies increasing so drastically through the pandemic and some breeds fetching price tags as high as £3,000, HMRC is now reviewing the sale of litters for potential tax revenue. As has been mentioned in a previous post, you can make up to £1,000 profit a year … Continued

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Enhanced time to pay for Self-Assessment Taxpayers

Self-assessment taxpayers who are due to pay HMRC for their 2019-20 tax return can now access ‘enhanced time to pay’. Although this is potentially available to all self-assessment taxpayers, an automated facility has been set-up on the HMRC website for anyone owing up to £30,000 on their last return. There … Continued

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What can an Employee working from home claim for?

Claiming for Working from Home

With more of us working from home, there’s some good news for employees from HMRC. Tax relief can now be claimed to cover some of the costs of working from home. An employer can pay an employee £312 every tax year (equivalent to £538 gross for a higher rate taxpayer). … Continued

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Delaying Your Tax Return

No Extension to Self-Assessment Tax Return Deadline

With the Self-Assessment Tax Return deadline remaining at 31st January 2021, over one million people planning to delay filing their tax returns will face having to pay fines and interest for late submission and payment. Stress due to the current pandemic is causing many people who file self-assessment tax returns … Continued

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Tax Deadline 2021

Struggling with the Tax Deadline?

The last day for submitting and arranging payment of your 2019-20 Tax Return is Sunday 31st January 2021. With everything that has happened this year, it’s understandable that many people are struggling to meet the deadline – Folkes Worton can help, taking the pressure off you to complete your return … Continued

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HMRC Cracks Down on Income from Holiday Homes Abroad

The Government has stepped up investigations into tax avoidance on income from holiday homes abroad. Thousands of landlords could be caught out for not declaring income from these overseas properties. Data from a Freedom of Information request has shown that tax on income from overseas rental properties has jumped by … Continued

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