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April 2020 Changes

April 2020 Changes

An announcement in the Autumn Budget 2018 explained that from April 2020, Capital Gains Tax rules would be changing. Before this date, any sales of additional properties, land, shares in businesses or any other large asset disposals would be included on the individuals’ self-assessment tax return. The sale price would have the purchase price and any reliefs deducted from the amount before the calculation applied a personal allowance amount and calculated tax on the remaining amount.

What is a Notice to Complete
Individuals in the UK who must prepare and send a self-assessment tax return to HMRC or registered limited companies with Companies House will receive a Notice to Complete a Tax Return once their year end is up. The Notice to Complete is not a request for an immediate submission; the individual or company will have around 9 months to calculate and pay any tax from the notice date.
Recognising bogus emails, websites and other communication
Spam emails from unknown senders trying to phish for sensitive information are not uncommon in the age of technology. To phish is to fool people into giving information over to what they believe is a reliable person working for their best interests. The Nigerian Prince scam emails may be one of the better-known examples, in which an email claims that the receiver is entitled to a fortune provided the sender first sends an initial ‘fee’. Rather than requesting a response, some fake emails will have links leading to a website that asks for the information.
Reclaim VAT from HMRC for a DIY Scheme
For most sole traders, partnerships or limited companies VAT can only be reclaimed on expenses if that trade is registered for VAT and if the expenses they purchased had a VAT element paid on them. If an individual is constructing as a DIY homebuilder but is not working within the construction industry, and is working on a new build or conversion for family use the VAT on building materials can be reclaimed, provided there are no business purposes involved. Below are the requirements for that individual to meet in order to do this.
Making tax payments to HMRC
For the various taxes you are pay to HMRC, there is an equal number of different ways to pay your tax. Some are more beneficial than others due to the time taken for the payment to go through, and some suit other people for the convenience and ease they bring.

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