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2018/19 UK income tax returns

2018/19 UK income tax returns

2018/19 UK income tax returns

TaxWatch

TaxWatch

Access KPMG's client-only portal of publications on topical tax issues.

As the 31 January 2020 deadline for filing UK income tax returns for the 2018/19 year of assessment draws near, Nicola Averell and Susan Smyth of KPMG’s Belfast Tax Practice take a look at some of the areas individuals should keep in mind when preparing and filing their personal tax returns.

Nicola and Susan highlight recent changes to the UK taxation of individuals that could easily be overlooked such as restrictions on deductible finance costs for individual landlords of residential property, the property allowance, the reduction in the annual tax exempt dividend allowance for individuals and the penalties that apply for failure to report offshore income in UK income tax returns.

Completing your UK tax return can also mean taking account of sometimes forgotten measures such as the High Income Child Benefit Charge and restrictions on tax relief for pension contributions.

In the following sections, Nicola and Susan give a high level overview of these potential ‘landmines’.

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