Capital Gains Tax property disposal return needs to be filed within 60 days of completion of sale of your second property (CGT). If you have sold a second property that is not your main residence (this includes an inherited or gifted property) you must file a CGT UK property return within 60 days of completion (unless the property has made a loss).
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What does the start of the new Tax Year mean for you?
Unlike the usual calendar year, the Tax Year 2022/23 starts today 6th April 2022. 5th April 2023 will be the last date of the Tax year – check out the latest tax rates and what this means for you and your business here
Continue readingSpring Statement 2022
Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23rd March 2022 – find out what that means to you and your business here in our HB Accountants Spring Statement 2022 highlights
Continue readingJohn Neighbour is retiring after 45 years with HB Accountants
A letter from our former Tax Director, now Tax Consultant,
Mr John Neighbour
I joined HB in September 1976 from Thomson McLintock (now part of KPMG) in order to set up a tax department. At that time, we were based in London at Coventry House near Liverpool Street Station. 45 years & 4 office moves later, we are now based at Plumpton House in Hoddesdon. Over the past few years, I have been winding down my time commitments & at present I am typically working about two days per week. At the same time my tax manager, Amy Thompson, has been taking on more responsibility.
Continue readingWhat to do before the end of the tax year – our top tax tips
With the end of the 2021/22 tax year on 5th April just around the corner – you still have time to take action. Check out our top tax tips and make your money work as hard as possible for you. Plan ahead to minimise your tax bill. Your aim: a financial plan that is as tax-efficient as possible
Continue readingVAT: Has HMRC contacted your businesses about VAT?
Some non-VAT registered businesses have recently received letters from HMRC claiming that they are trading above the VAT threshold. Any business that has received such a letter needs to act quickly. They should share the letter with their tax agent/accountant then work together to review the rolling 12-month turnover figures.
The tax implications for individuals who own, sell or trade cryptocurrencies
In 2009 there was one single cryptoasset called Bitcoin. Today, there are multiple cryptoassets – also known as cryptocurrencies These are digital assets, not physical ones.
Continue readingHave you missed the tax return deadline of 31 January 2022?
The 2020-2021 tax year runs from April ’20 to April ’21, the last date for submitting returns for those who do self-assessment was 31st January 2022 – this is referred to as the tax return deadline. Will you find yourself in trouble with HMRC if you didn’t submit your return in time, along with any tax you owe?
Here’s what you need to know…
Continue readingCan Directors borrow money from their business?
If you’re a director of a limited company, can you borrow money from your company? The simple answer is yes, however, there are a number of things to consider before doing so, in particular, tax implications and pressures on cash flow.
Continue readingHMRC has waived late filing and late payment penalties for Self Assessment taxpayers for one month
If you run a business, or are an investor or a trustee, it is important that you are aware of important dates and deadlines. Failure to do so can result in HMRC issuing penalties for late payment. Normally, late filing penalties are applied to all returns due on but filed after the 31 January deadline. This year, like last year, HMRC are waiving late filing penalties for Self-Assessment taxpayers for a month, giving you extra time, if you need it, to complete your 2020/21 tax return and pay any tax due. Self Assessment late payment penalties waived – more information below.
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