RISE IN TAX PENALTIES
New reports suggest that the UK tax authorities imposed a record £860m in penalties on individual taxpayers in the last tax year. The fines are up 24% from £694m in 2017/18 and are believed to be the result of more people struggling to make tax payments on time. If you find yourself facing a penalty it’s important to plan ahead, and negotiate a payment plan with HMRC to ease the pressure.
RENTING OR SELLING UK PROPERTIES
As reported in our Summer Update adjustments to the way UK property is taxed will come into force in April. Changes in the way lettings relief and Capital Gains Tax relief is calculated could impact you if you rent a UK property. It’s also worth bearing in mind that, if you are non-resident, selling a UK property whilst overseas is generally beneficial, enabling you to enjoy particular additional allowances.
If you would like to discuss your tax affairs, then please do not hesitate to contact us.
Julian Smith, Head of Tax