Tax group calls for letting relief transition

Proposed changes to letting relief should be transitionally phased in to prevent landlords from paying significantly higher capital gains tax bills, a tax group has said. Until the end of 2019/20, landlords can claim letting relief of up to £40,000 if they have lived...

HMRC approves first MTD for income tax software

Five software packages that are compatible with Making Tax Digital (MTD) for income tax have been signed off by HMRC. Products include one for individuals to submit digital records for income relating to self-employment and property. MTD for VAT came into force on 1...

Thousands file tax returns over festive break

Thousands of taxpayers used the Christmas break to file tax returns for 2018/19 through self-assessment. Statistics from HMRC showed that 34,292 taxpayers submitted tax returns between Christmas Eve and Boxing Day. Precisely 22,035 taxpayers filed on 24 December 2019,...

Report spares thousands from loan charge bills

An eagerly anticipated report into the controversial loan charge has given thousands of people an early Christmas present. The Government has announced a string of concessions to lessen the severity of the policy, which had caused serious distress. Up to 50,000 people...

Grandparents’ spending on festive gifts to hit £2.8bn

Grandparents are set to spend £2.8 billion on gifts for their grandchildren this Christmas, a report has claimed. Research from SunLife claimed the average grandparent will spend £81 on each grandchild before 25 December 2019 - up from £67.62 in 2018. The average...