Anna’s Accountancy Alerts – Week 22 (31st August – 6th September 2020)

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Capital Gains Tax (CGT) Payment For Property Disposals – Penalties Reminder

HMRC introduced a new service on 6 April 2020 to allow people to report and pay Capital Gains Tax.

You can find out more on GOV.UK – Report and pay Capital Gains Tax.

Deadlines for UK residents disposing of UK residential property (not an owner’s main private residence) and non-UK residents disposing of both UK residential and non-residential property changed from 6 April 2020.

There are late filing penalties for those who fail to notify HMRC about a disposal or pay the tax due within 30 days from the date of completion. However, for disposals between 6 April and 30 June 2020 there will be no late filing penalty, provided the return and payment due, was made by 31 July 2020. For any transactions completed from 1 July 2020 late filing penalties will apply if the details of the gain and payment is not made within 30 calendar days from completion.

Off-Payroll Working Rules (IR35)

The off-payroll working rules (IR35) legislation for changes to non-public sector organisations is included in Finance Act 2020. The reform will take effect from 6 April 2021, as previously announced.

Paying HMRC

There are several ways to pay HMRC.

You can do this by:

  • Direct Debit
  • Faster Payment
  • BACs
  • CHAPs
  • Personal debit card
  • Corporate credit and debit card*.

 

*Payments made by corporate credit card incur a surcharge which goes direct to merchant acquirers, card schemes and card providers. This will also apply to corporate debit cards from 1 November 2020.​

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.