YEAR ENDED 5th APRIL 2021
Welcome to the online questionnaire…
2020/21 UK TAX RETURN PREPARATION FEES
The deadline for the 2020/21 Tax Return is 31st January 2022 if filed electronically and the paper filing deadline is 31st October 2021. Late submission will incur a minimum penalty of £100 even if there is a refund due.
Please complete the questionnaire as accurately as possible. Please ensure that you indicate the currency used where possible. Please upload any supporting documentation and provide additional notes in Section 15. When complete, please click Submit in Section 17.
The basic rate tax bracket (20%) has increased to £37,700 up from £37,500. The Personal Allowance has increased to £12,570, up from £12,500. These changes are to remain in force until 2026.
From 6th April 2021, UK residents who owe Capital Gain Tax on the disposal of UK residential property, will be required to file a Capital Gains Tax return and pay any associated tax due within 30 days of completion.
Any other capital gains tax that has arisen on the sale of other assets that are not an interest in a UK residential property will be payable with the usual Self-Assessment (SA) tax return and should not be included with the Capital Gains Tax return submission.
More information can be found on our website:
https://pjdtax.co.uk/updates/capital-gains-tax-on-uk-residential-property/
HMRC have updated their guidance to state that “Cryptoassets” are considered as UK sited assets for the purposes of Capital Gains Tax and Inheritance Tax. This means that gains made on the sale of Cryptoassets (e.g. Bitcoin) by a UK resident will be subject to UK tax regardless of whether the individual is a non-UK domicile and claiming the remittance basis of taxation.
More information can be found on the HMRC website:
https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals#cryptoassets-received-as-earnings
Individuals, whose trading profits have suffered as a result of the pandemic, may be eligible for the fourth and fifth grant under the Self Employment Income Support Scheme (SEISS), which has been extended until the end of September 2021.
Employees that have had to work at home will be entitled to a fixed rate £6 per week deduction, unless the actual increase in expenditure can be determined. If you are a Partner this will be an expense that will need to go through your partnership return and you will need to consult your Partnership Accountants.
Please find HMRC guidance at:
https://www.gov.uk/government/news/54800-customers-claim-tax-relief-for-working-from-home
For SEISS please consult your regular tax preparer to confirm whether you would be eligible.
From 6th April 2017, HMRC began to taper the amount of mortgage interest allowable as an expense. As of 2020/21, mortgage interest will no longer be an allowable rental expense and has been replaced with a 20% tax credit based on the mortgage interest paid.
As it stands, EU nationals and those resident in the EEA will still be entitled to a Personal Allowance despite the UK leaving the European Union.
If you are a non-domiciled individual in the UK and claim the remittance basis, you may be able to elect to receive tax relief for capital losses on disposals of any overseas assets. The default position is that remittance basis users cannot use their foreign capital losses in the UK but making a capital loss election would allow you to do so. There are strict rules as to the order in which these can be applied, timing is also important, and the election is irrevocable.
Please consult your usual tax advisor for more details if you are considering making this election.
The first £2,000 of dividend income is received UK tax free for 2020/21.
USD – 0.7731 (1.293542)
EUR – 0.8970 (1.114767)
CHF – 0.8363 (1.195758)
CAN – 0.5801 (1.723967)
SGD – 0.5640 (1.773183)
HKD - 0.0997 (10.026542)
If you believe that any of the above topics may affect you, we recommend consulting your regular PJD Tax representative who will provide you with further information.
If you are due a refund of tax, the fastest way to receive it is directly into your UK bank account (this includes Isle of Man and Channel Island accounts). Please fill in the boxes below with your details:
There is a calendar in Section 16 to assist with the completion of this section.
Please be advised that we may need to request further details from you if we are unable to determine your residency status from the information you have provided above.
Please note this section is not relevant if you are self-employed or a partner, please see sections 6 & 7 respectively.
If you answer ‘yes’ to any of the following items, please provide the relevant supporting documentation in Section 15:
If you received a reimbursement from your employer to cover relocation expenses, please detail this below:
If you are on a UK secondment from your regular employer for a period of up to 2 years, a tax deduction may be claimed for expenses incurred for living away from home. If applicable, please provide details of your UK living costs.
It is possible to claim tax relief for days worked outside of the UK in your first three years of UK residence. If you arrived in the UK after 5th April 2017, please complete the following section.
You will not qualify for overseas workday relief.
With regards to the offshore account into which your earnings were paid:
If you answered yes to any of the above, then your account will have received a “prohibited sum”. However, if the account has only received prohibited sums on two separate occasions and the amounts were removed within 30 days of the deposit, please select “NO” to the questions above:
Please complete the workday calendar (section 16) and provide details of the offshore account into which your earnings were paid.
Please see our website article for more information on this topic https://pjdtax.co.uk/updates/post/overseas-workday-relief
If you were self-employed during 2020/21, please provide details below:
If you are a partner in a UK or foreign partnership, please provide the following information:
We stress that you are not able to claim any personal or business related expenses against your partnership income. If you wish to receive a tax deduction for these expenses, they must be passed through the partnership, thus ensuring that they are reflected in your share of the reported partnership profits.
This is applicable to employees/partners of private equity or hedge funds. Carried interest is a share of the funds annual profits, after the investors are allocated their returns.
Please indicate if you received any foreign income & gains in 2020/21 which may include (but is not limited to):
If you are not domiciled in the UK, you have the option to claim the remittance basis, meaning you are not required to report your foreign income on your UK tax return if it has remained outside of the UK.
Please follow the below links to our website for articles on the above topics: https://pjdtax.co.uk/updates/arising-basis-vs-remittance-basis https://pjdtax.co.uk/updates/non-reporting-funds
It is only necessary to provide details below if it is not supported by the statements provided
If you disposed of any assets during the year ended 5th April 2021, please provide following details. This includes shares and securities, traded options and currency transactions including offshore currency loans.
* Fund investments will have an identifying code also known as a CUSIP OR ISIN. We will need this to check whether the fund is on the UK reporting list and will ultimately determine the treatment of any gain/loss. These can be found on the brokerage statements.
** Here is a link to our website with a useful article on changes to the taxation of residential landlords
(https://pjdtax.co.uk/updates/post/residential-landlords-are-you-aware-of-the-changes)
If you made any capital improvements, please complete the below:
If you lived in the property as your only or main dwelling at any time during the period of ownership, part or all of the gain may not be liable to UK capital gains tax.
Please show below the periods that you occupied the property and the periods it was available to rent or vacant:
Pension contributions made directly from gross income, often via payroll, will not be eligible for further tax relief. Tax relief for contributions made to a personal pension scheme are claimed via a self-assessment tax return. Please provide details below of all pension contributions to determine your eligibility for tax relief in 2020/21.
It is only possible to claim gift relief if you have donated to a UK registered charity under the Gift Aid Scheme
Contributions made through payroll will not be eligible for further relief
Please indicate below if you have made any of the following investments or payments that may qualify for tax relief. Please note that it is only possible to claim tax relief for subscriptions for shares in Venture Capital Trust Companies and Enterprise Investment Schemes (& SEIS) with a certificate.
Please attach the relevant certificates if you have ticked yes to any of the below.
* If EIS shares that you previously claimed income tax or CGT relief for were sold, disposed of, stopped qualifying for EIS relief or became negligible, please provide full details on the continuation sheet (Section 15).
Please use this area to upload files for submitting with this form (allowed file types: jpg, jpeg, png, gif, pdf, docx, doc, xls, xlsx, eml, msg, zip; file size limit is 35Mb for all files):
Please be aware that uploaded documents will not save to the web page. The questionnaire must be submitted in the same session.
2020/21 P60
2020/21 P11d (if applicable)
2020/21 Partnership Return
Bank/Savings Interest Certificates
Dividend payment vouchers/certificates
Brokerage statements
EIS/SEIS/VCT certificates (e.g. EIS3, SEIS3 forms)
Pension contribution statements (if applicable)
Carried Interest reporting statements/disclosures
Please use this space to add on to any sections where you did not have enough room, or attach further pages if necessary.
We cannot proceed with the preparation of your tax return until we receive a signed copy of this questionnaire. By clicking “I Agree” below, you confirm that your electronic signature should be acknowledged as the legal equivalent of your manual signature and having read our terms and conditions, you consent to be bound by these. You are also agreeing that the information provided in the questionnaire is complete and correct to the best of your knowledge.
Select your team (required): Please see teams listed below
PRIVACY NOTICE
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TERMS & CONDITIONS
Please note that this PDF copy can only be downloaded once.
John McLaughlin – 0203 861 2951john@pjdtax.co.uk
Urooj Sheikh – 0203 861 2940urooj@pjdtax.co.uk
Olu Akingbadega – 0203 861 2940olu@pjdtax.co.uk
Andrew Jones – 0203 8612 943andrew@pjdtax.co.uk
Thomas Cheung – 0203 8612 956thomas@pjdtax.co.uk
Brian Fernandes – 0203 8612 954brian@pjdtax.co.uk
Daniela Diemuodeke – 0203 8612 954Daniela@pjdtax.co.uk
Michèle Pizzey – 0203 8612 942michele@pjdtax.co.uk
Amy Kasemsuk – 0203 8612 952amy@pjdtax.co.uk
Chanosan Sivaloganathan – 0203 8612 958Chanosan@pjdtax.co.uk
Ankita Mathurvaishya – 0203 861 2940ankita@pjdtax.co.uk
Paul Devonshire – 0203 8612 941paul@pjdtax.co.uk
Daniel Blythe – 0203 8612 957Danblythe@pjdtax.co.uk
Bonnetta Brady – 0203 8612 945bonnetta@pjdtax.co.uk
Anusa Sivayoganathan – 0203 8612 961anusa@pjdtax.co.uk
Michelle Neckles-Simpson – 0203 861 2940michelle@pjdtax.co.uk
Warwick Wilson – 0203 8612 944warwick@pjdtax.co.uk
Omar Hussain – 0203 8612 948omar@pjdtax.co.uk
Anam Akhter – 0203 8612 962anam@pjdtax.co.uk
Supporting documentation can be uploaded in Section 15