Last call for three million tax returns

Around three million taxpayers have until midnight on Friday to submit tax returns for 2018/19, according to HMRC. The Revenue said that more than 8.5m taxpayers have submitted returns through self-assessment one week before the 31 January deadline. A record-high of...

Property owners warned of ‘seismic’ tax change

Owners of second homes or buy-to-let properties are being warned to brace themselves for a "seismic shift" in how capital gains tax is paid. New rules are set to kick in for people who exceed the capital gains tax-free threshold by selling residential properties from...

Tax group calls for letting relief transition

Proposed changes to letting relief should be transitionally phased in to prevent landlords from paying significantly higher capital gains tax bills, a tax group has said. Until the end of 2019/20, landlords can claim letting relief of up to £40,000 if they have lived...

HMRC approves first MTD for income tax software

Five software packages that are compatible with Making Tax Digital (MTD) for income tax have been signed off by HMRC. Products include one for individuals to submit digital records for income relating to self-employment and property. MTD for VAT came into force on 1...

Thousands file tax returns over festive break

Thousands of taxpayers used the Christmas break to file tax returns for 2018/19 through self-assessment. Statistics from HMRC showed that 34,292 taxpayers submitted tax returns between Christmas Eve and Boxing Day. Precisely 22,035 taxpayers filed on 24 December 2019,...