Sold an Inherited or Second Property? You NEED to file a CGT return within 60 days to HMRC

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 comptetion (unless the property has made a loss).

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Spring 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

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John 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. 

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VAT: 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.

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Have 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…

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HMRC 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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