Key highlights from the UK Government Tax Day announcements
On 23 March 2021, the UK government held its first-ever ‘Tax Day’ whereby it published a series of tax documents and consultations. It is all a part of a move to strengthen policymaking and to help create a more “trusted, simple and modern tax system”.
5% penalty for late payment of tax waived until April 2021
Did you know that you will be liable to a 5% penalty in addition to interest charges if your tax is paid more than 30 days late?
End of year tax planning: Use your allowances before 5 April 2021
The UK tax year ends on 5 April and so February and March can provide a last-minute chance to save some tax with a bit of careful planning.
Could you claim an Inheritance Tax refund?
If you inherited a property that you then sold for less than the property was valued upon death, you could get a refund for the difference of the Inheritance Tax.
