Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
The official deadline for filing a Self Assessment tax return for 2019-20 was 31 January 2021. However, in a last-minute move, HM Revenue & Customs (HMRC) extended the Self Assessment filing deadline to the 28 February 2021. In this article, we look at the extension to the deadline and highlight key dates and issues you need to be aware of.
If you have just raced to complete your Self Assessment tax return, you are not alone. Last year, HMRC reported that around 700,000 taxpayers left their tax return to the last day in 2020, with 26,500 people submitting their return between 11 pm and midnight - the last hour before the deadline. However, there are many advantages to preparing and submitting your Self Assessment tax return in advance. In this post, we look at some of the benefits of submitting your tax return early.
2020 was a difficult year for the commercial property sector with the COVID-19 pandemic causing significant challenges for investors, landlords and tenants. During the first lockdown, investment in commercial property slowed significantly. With surveyors unable to visit developments, the shutdown of the courts and the Land register, among other practical difficulties, completing commercial property transactions was incredibly challenging.
The temporary cut to Land and Building Transaction Tax (LBTT) nil-rate band introduced in July 2020 saw the starting point for LBTT rise from £145,000 to £250,000.
Earlier today, the Scottish Finance Secretary Kate Forbes told MSPs that this was a time for "stability, certainty and targeted support".
