Changes to capital gains tax payment for UK property sales The deadlines for paying Capital Gains Tax after selling a residential property in the UK are changing from 6 April 2020. Disposal of UK Residential property by a UK Resident From 6 April 2020, if you’re a UK resident and sell a residential property in
Capital Gain Archives - Martax Accountants
February 27, 2020
February 6, 2020
Changes in the rules in relation to disposal of residential property by non-residents
From 6 April 2020 UK residents who sell a residential property that gives rise to a capital gains tax (CGT) liability must send a new standalone online return to HMRC and pay the tax due within 30 days of completion of the sale. The new filing and payment time frame is different from the current
August 18, 2017
HMRC Important filing deadlines
Important Deadlines for individuals, self-employed and CIS subcontractors Individuals, sole traders and CIS subcontractors Filing deadline Second payment on account for 2019/20 tax year 31 July 2020 Deadline to advise HMRC that you need to register for self-assessment for the tax year 2018/2019 5 October 2019 Deadline for filing Self-Assessment Tax Return with HMRC if
July 13, 2017
National Insurance Contribution Rates for the tax year 2017/18
National Insurance Contribution Thresholds 2017/18 £ per week 2016/17 £ per week Weekly lower earnings limit (LEL) 113 112 Weekly primary threshold (PT) 157 155 Weekly secondary threshold (ST) 157 156 Upper earnings limit (UEL) 866 827 Upper profits limit (per year) 45,000 43,000 Upper Secondary Threshold for U21’s 866 827 Small Profits Threshold (SPT)
July 13, 2017
Should A Director Submit A Tax Return?
It is mandatory for a company director to submit a tax return with HMRC if a return has been issued. But what about if a Self-Assessment tax return has not been issued to a director he does not have a tax liability? As per the above HMRC guidance, you must complete a tax return if
July 13, 2017
How To Calculate Rental Property Profits
Rental profits is calculated on an accrual basis. The accrual basis involves taking rents receivable rather than rent received and allowable expenses payable rather than expenses paid. The taxable property income profit will therefore be: Rent Receivables X Less: Expenses payable (X) Property income profit/(Loss) X/(X) Rental property is chargeable to tax at 20%/40% and
July 13, 2017
I Would Like To Gift My Property To My Son. Would It Be Liable To Tax?
There are tax consequences on the gift of property which have been summarized as below: Capital Gains Tax If the property is gifted to your Son, it will be considered as disposal for capital gains tax (CGT) purposes. Therefore, the person who is giving the property away could have CGT to pay even though he
July 13, 2017
UK Votes to leave the EU
The move will not have immediate legal and tax consequences for multinationals with UK operations. In longer term however, the landscape may change significantly for the UK, in terms of trade, tax and investment, both with regards to its relationship with European Union and with non-EU countries. We hope that the government will move quickly
June 26, 2017
Capital Gains Tax – Basics
What is capital gains tax? Capital gains tax (CGT) is a tax on the profit when you dispose of a chargeable capital asset. The common way for a person to dispose of an asset is to sell it to another person. However, a gift of an asset also constitutes a disposal for capital gains tax