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In the Budget, the Chancellor set out a package of temporary, timely and targeted measures to support public services, individuals and businesses through the economic disruption caused by COVID-19. One of these measures was to offer the self-employe... Read More

As expected, it has been confirmed that the 2020-21 personal allowance will be maintained at £12,500 and the basic rate limit at £37,500. As a result, the higher rate threshold will also remain at £50,000 from April 2020. The basic... Read More

Savings income and dividends are taxed at the recipients' highest tax rate. The relevant legislation in ITA07/S16 sets out the following rules. If a person has savings income but no dividend income, the savings income is treated as the h... Read More

There are tax implications that you will need to consider if you previously left the UK to live abroad and are now returning to live and work in the UK or are considering such a move. In most cases, if you have returned to live in the UK, you will b... Read More

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current tax-free threshold of £7,500 per year has been in place since 6 April 2016. If you are using this scheme you should ensure t... Read More

If you have a student loan, have finished your studies and entered the workforce you must begin to make loan repayments from the April after you have finished your studies or when your income begins to exceed the annual threshold. The annua... Read More

If you are entitled to the marriage allowance and have not yet applied, you could receive a payment of up to £1,150 from HMRC. HMRC used the occasion of Valentine’s Day to remind couples to make a claim. It is estimated that whilst 1.78 m... Read More

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The prop... Read More

Public finance minister Kate Forbes delivered her first Budget statement to the Scottish Parliament on 6 February 2020. This followed the shock resignation of finance minister, Derek Mackay. This is the first time that Scotland has held a Budget bef... Read More

Are you among the over 958,000 taxpayers that missed the 31 January 2020 filing deadline for 2018-19 Self-Assessment returns? If you missed the filing deadline you will be charged a £100 fixed penalty if your return is up to 3 months late, whet... Read More

As the deadline for submitting your 2018-19 tax return has passed, now is a good time to focus on the 2019-20 tax year. It is important to carry out an annual review and ensure that you have planned properly for the current tax year. This includes ex... Read More

A recent press release by HMRC has revealed some of the oddest excuses for submitting a late tax return, that have been made during the past 10 years. The excuses ranged from the sublime to the ridiculous and included: My mother-in-law is a w... Read More