Replacement Domestic Item relief
The wear and tear allowance that allowed landlords to reduce the tax they paid on furnished property lets was withdrawn at the end of the 2015-16 tax year. The 10% deduction was available to landlords
Category: Income Tax
Late filing of Self Assessment tax returns
Taxpayers that have not yet filed their 2015-16 Self Assessment returns will have already been charged an automatic £100 penalty for late submission. The penalty applied from 1 February 2017, even if
Furnished holiday lettings
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for specific tax purposes. Individuals, partnerships, trustees and
Personal tax changes for 2017-18
A number of changes to personal taxation have come into effect with the start of the 2017-18 tax year. These changes include the following: National Living Wage and the National Minimum Wage
Mortgage relief restriction for landlords
The tax relief available to residential landlords has been reduced from the start of the 2017-18 tax year. The new rules mean that tax relief on mortgage costs will be gradually restricted to the
Launch of the Tax-Free Childcare Scheme
It has been confirmed that the new Tax-Free Childcare Scheme (TFCS) will be launched on 28 April for parents of young children. All eligible parents will be able to join the scheme by the end of 2017.
New Investment Bond
It was announced as part of the last autumn statement that a new National Savings and Investments (NS&I) product called the NS&I Investment Bond will be launched. It has now been confirmed
Second incomes campaign
The second incomes campaign offers individuals the opportunity to inform HMRC that they have undeclared income from a supplementary income stream. The campaign targets individuals in employment who
Is a Self Assessment return required?
There are a number of reasons why a taxpayer needs to complete a Self Assessment return. This includes if they are self-employed, a company director, have an annual income over £100,000 and / or have
Spring Budget 2017 – Dividend allowance
The new dividend tax allowance was introduced in April 2016. The new allowance replaced the dividend tax credit with an annual £5,000 dividend allowance with tax payable on dividends received in