The recent slump in property prices and stagnant property market is not just bad news for homeowners and investors but is also bad news for those who are about inherit property as the slump in property prices could leave them with higher than expected tax bills. It is often forgotten that the value of the property for inheritance tax purposes is taken at the date of death and not the date of sale and that the probate value must accurately reflect at the market value at that date.

As we predicted earlier this month, the HMRC computer system yesterday failed under the weight of traffic from those seeking to return their self assessment tax returns. This year, because of the nature of the failure the HMRC have taken the decision to extend the submission dead line by 24hrs until midnight tonight 01st February.

A few weeks ago the revenue announced changes to the way tax overpayments would be treated. In a controversial move they have now placed a new limit on the length of time you have to claim any overpayments back. The limit, originally six years has now been reduced to four. This could potentially see millions of taxpayers who have made over overpayments loose and net the treasury hundreds of millions of pounds. The rules themselves smack of double standards as the rule changes leave HMRC's ability to go back six years intact.

After recent changes to deadline dates the paper based self assessment tax return deadline of 31st October is upon us and should be looming large in the minds of everybody who intendes submit a paper based return.