How many years to include in your Let Property Campaign Disclosure The question of how many years to go back depends on how and why things went wrong. The reasons for not declaring the income is important to determine how many years to go back and include the undeclared income in the disclosure. Why you
Income Tax Archives - Martax Accountants
April 25, 2024
April 16, 2020
Tax Data Guide 2020/21 (Corporation tax, Stamp taxes, Car benefit, Capital allowances, Value added tax & Investment reliefs)
Corporation tax Financial year to 31/03/2021 31/03/2020 Rate 19% 19% Stamp taxes Shares and marketable securities 0.5%³ Transfers of land and buildings₄ Residential (on band of consideration)₅,₆,₇ £0 – £125,000 0% £125,001 – £250,000 2% £250,001 – £925,000 5% £925,001 – £1,500,000 10% Over £1,500,000 12% Non-residential (on band of consideration) £0 – £150,000 0%
April 9, 2020
Tax Data Guide 2020/21 (Income tax allowances, Income tax rates, NI, Inheritance tax, Tax-free mileage allowance, Capital gains tax & Individual savings accounts)
Income tax allowances Rates 2020/21 2019/20 Personal allowance £12,500 £12,500 Income limit £100,000 £100,000 Transferable marriage allowance £1,250 £1,250 Married couple’s allowance (relief at 10%) Either partner born before 6.4.1935 £9,075 £8,915 Income limit £30,200 £29,600 Minimum where income exceeds limit £3,510 £3,450 Blind person’s allowance £2,500 £2,450 Dividend allowance £2,000 £2,000 Personal savings allowance Basic
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
The Marriage allowance
The marriage allowance was introduced to take effect from the tax year 2015/16. The marriage allowance allows certain individuals who are married or in a civil partnership to elect to transfer some of their personal allowance to their spouse or civil partner. Who will get the benefit? The election will be relevant to those couples
July 13, 2017
National Minimum Wage and National Living Wage rates from April 2017
The hourly rate for the minimum wages depends on your age and whether you’re an apprentice. The National Minimum Wage (NMW) is the minimum pay per hour almost all workers are entitled to by law. The National Living Wage (NLW) is higher than the NMW – workers get it if they’re over 25. The government’s
July 13, 2017
Lifetime ISAs available from 6 April 2017
The lifetime ISA will be available from April 2017 to help young people save for long term, particularly when buying a first home. You can open a lifetime ISA if you are aged 18 or over but under 40. As with other ISAs, you won’t pay tax on any interest, income or capital gains from
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
New Rules for contractors in public sectors – from April 2017
The government announced at Budget 2016 that it will reform the intermediaries (often known as IR35) legislation for public sector engagements to ensure that individuals who work through their own company pay employment taxes in a similar way to employees. Here is a summary of the upcoming changes: Legislation will be introduced in Finance Bill
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