Making a mistake in your VAT return is easily done. Maybe you missed something out accidentally or added up some figures wrongly. However, should this happen and you discover that you have made a mistake in a return which you have already filed, don’t panic
By making the most of the rent-a-room relief and the £1,000 property income allowances, it is possible to receive tax-free rental income in 2018/19 of £8,500 (while utilising your personal allowance elsewhere).
To date, companies have been able to benefit from relief for inflationary gains in the form of indexation allowance when they dispose of an asset. The indexation relief is deducted in computing the chargeable gain or allowable loss.
Changes to the taxation of dividends have reduced the tax advantages associated with operating as a company. Add into the mix the additional burdens imposed on companies – such as the need to file accounts and an annual confirmation statement at Companies House – and it is easy to see why the question of whether it would now be better to operate as an unincorporated business may arise.
As the self-assessment deadline looms, it is not only necessary to consider what might be owing for 2017/18, but also whether any payments on account towards the 2017/18 liability need to be made.
Stamp duty land tax (SDLT) was the headline-grabbing measure in the Autumn Budget on 22 November 2017, with the announcement that first-time buyers will no longer have to pay SDLT on the first £300,000 when they buy their first home, as long as the purchase price does not exceed £500,000.