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Capital gains tax in 2020/21
Capital gains tax kicks in when you profit from the sale of something you own, usually property, shares or possessions, and big changes are in place for 2020/21.
Don’t leave online tax returns to the last minute
Completing your 2018/19 online tax return through self-assessment may not have been your top priority over Christmas, but time is running out.
Brexit implications on VAT for businesses to consider
Most of us wish Brexit and the political football being played over what was a non-legally binding decision to leave would end. Many businesses breathed a sigh of relief when the date to leave the EU in October was put off for the second time in six months, even as...
Corporation tax: Ways to reduce your bill
Anyone who is involved with running a limited company will know corporation tax as a levy on company profits made in a tax year. Corporation tax is deducted at a flat rate of 19% in 2019/20 and last year it netted the Treasury £55.1 billion - up 2% on the previous...
Self-assessment deadlines for 2018/19
Self-assessment season always kicks off at Stapletons as soon as the new tax year gets under way on 6 April. While it’s our preference to sort tax returns for our clients as early as possible, a raft of relevant self-assessment deadlines are almost upon us. This...
Reverse charge VAT for construction services
Reverse charge VAT delayed Reverse charge VAT for construction services is scheduled to come in from 1 October 2020. This was originally planned to come in 12 months' earlier, and just six months after MTD for VAT. The new measure will apply to any work that falls...
How to reduce inheritance tax
Only around 5% of estates in the UK are liable for inheritance tax before being distributed to any beneficiaries or causes. That may sound like very few, but it should have been a key consideration for around 24,500 estates that had it deducted in 2015/16. Those...
Making Tax Digital for VAT: First quarterly deadline
Remember Making Tax Digital (MTD) – the Government’s flagship scheme to modernise tax collection on behalf of the Treasury? It’s hard to believe three months have passed since the scheme came into force for VAT-registered businesses with annual taxable turnover of...
Letting a second home: tax reliefs and liabilities
Around one in 20 residential properties in Devon are classed by the Government as second homes, with the majority of those let out to holidaymakers. Some Devonians recognise the benefits second homes have on the local economy, while others want to prevent them driving...
Tax changes affecting landlords
It’s no secret that Devon and Cornwall are hotbeds for landlords with residential portfolios. Dig a little deeper and you will find many of those buy-to-let landlords are having to adapt to a raft of recently introduced tax measures. Mortgage interest relief Changes...
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