Personal Tax news from Brearley & Co

HMRC advisory fuel rates for company car users from 1 March (1)

24th Feb 2021 | Posted by: Suzy Hill

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 March 2021, increasing mileage rates for 1400-2000cc petrol vehicles by 1p per mile

File tax returns now to prevent penalties

22nd Feb 2021 | Posted by: Suzy Hill

Self Assessment taxpayers have less than one week to submit their late tax returns to prevent a £100 penalty, HM Revenue and Customs (HMRC) has urged.

HMRC temporarily waives late payment penalties

19th Feb 2021 | Posted by: Suzy Hill

Self assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April, HMRC has announced

Covid VAT deferral payment guidance updated

11th Feb 2021 | Posted by: Suzy Hill

HMRC has updated guidance on how to register for the online service to pay VAT payments deferred between 20 March and 30 June 2020 due to the covid-19 pandemic

Almost a third of house sales fall through as stamp duty deadline nears

9th Feb 2021 | Posted by: Suzy Hill

Almost a third of house sales fell through in January as the end of the stamp duty holiday drew closer, according to a report from Rightmove.

Bounce Back Loan repayment terms extended to 10 years

8th Feb 2021 | Posted by: Suzy Hill

Businesses that took out government-backed Bounce Back Loans to get through Covid-19 will now have greater flexibility to repay their loans

10.7 million tax returns filed by 31 January deadline

3rd Feb 2021 | Posted by: Suzy Hill

More than 10.7 million people submitted their 2019/20 Self Assessment tax returns by the 31 January deadline, HM Revenue and Customs (HMRC) has revealed

HMRC to waive self assessment penalties for one month

25th Jan 2021 | Posted by: Suzy Hill

Self Assessment customers will not receive a penalty for their late online tax return if they file by 28 February

High income child benefit charge hits basic rate taxpayers

22nd Jan 2021 | Posted by: Suzy Hill

The Low Incomes Tax Reform Group (LITRG) is calling for the high income child benefit charge (HICBC) threshold to rise to avoid it hitting basic-rate taxpayers for the first time in April

HMRC penalties double in six months

20th Jan 2021 | Posted by: Suzy Hill

The value of penalties HMRC is imposing on taxpayers each month shot up in the last six months, following the lull in compliance activities during the first lockdown.

Capital gains tax changes self assessment taxpayers need to know

7th Jan 2021 | Posted by: Suzy Hill

HMRC is reminding taxpayers that they have until 31 January 2021 to declare any profit made from selling a UK residential property, which was not their main home