- 6 Poole Road, Wimborne, Dorset, BH21 1QE.
- 6 Poole Road, Wimborne, Dorset, BH21 1QE.
12/09/2024 More...
Self-assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on 31 January during the tax year and 31 July following the tax year. These payments on account are based on 50% each of the previous year’s net income tax liability. In addition, the third (or12/09/2024 More...
In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the 31 January 2025 deadline and clarifies some of the most widespread myths. The press release seeks to dispel the following myths: Myth 1: “HMRC hasn’t been in touch, so I don’t need to file a tax12/09/2024 More...
The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in April 2026. The process will significantly adjust how businesses, self-employed individuals, and landlords engage with HMRC. The system will require businesses and individuals to register, file, pay, and update their details through an12/09/2024 More...
There are special rules to observe when employing an apprentice in the UK. Basically, an apprentice takes part in a structured training program that combines working with studying. Apprentices gain practical experience while earning a wage and working towards a recognised qualification. An apprentice can be a new or current12/09/2024 More...
There is a basic principle that dividends or other distributions must not be paid out of capital even if the Articles of a company authorise such a payment. For the purposes of this article, reference to distributions includes dividends. This is stated as follows in Companies Act 2006, section 830: Distributions to be made only out of12/09/2024 More...
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate is 3% higher than the regular SDLT rates and applies to the purchase of additional residential properties valued at over £40,000. The09/09/2024 More...
Overtrading occurs when a business expands its operations at a pace that exceeds its available working capital and financial resources. This can happen when a company takes on more business than it can sustain without sufficient cash flow to support day-to-day operations. Here are key points about overtrading: Cash Flow Strain:09/09/2024 More...
Asking your accountant for advice offers a range of benefits, particularly in guiding both business and personal financial decisions. Here are some key advantages: Expert Financial Guidance Accountants are trained professionals with deep knowledge of tax laws, financial regulations, and best accounting practices. They can provide06/09/2024 More...
1 October 2024 - Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 - PAYE and NIC deductions due for month ended 5 October 2024. (If you pay your tax electronically the due date is 22 October 2024.) 19 October 2024 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2024.05/09/2024 More...
There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House. A penalty is automatically imposed by Companies House if the accounts are late. The table of penalties05/09/2024 More...
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, a £100 penalty will be imposed, regardless of whether there is a tax liability or if any owed tax is fully paid by 31 January 2025. We recommend that taxpayers still using paper returns consider05/09/2024 More...
When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any employees who are family members. It is possible to employ young people if they are 13 or over but there are special rules regarding how long05/09/2024 More...
Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more a year. Class 4 NIC rates for the tax year 2024-25 are 6% for chargeable profits between £12,570 and £50,270 plus 2% on any profits over £50,270. A number of categories of people are exempt from paying Class05/09/2024 More...
If you turned 18 on or after 1 September 2020, there may be cash waiting for you in a dormant Child Trust Fund (CTF). If your children recently turned 18 you should check to see if they have claimed the money, to which they are entitled. Children born after 31 August 2002 and before 3 January 2011 were entitled to a CTF account with the05/09/2024 More...
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available, a reduced Capital Gains Tax (CGT) rate of 10% is applied instead of the standard rate, potentially resulting in significant tax savings for those exiting03/09/2024 More...
The UK's new National Wealth Fund (NWF) represents a significant shift in the government's approach to fostering economic growth and addressing climate change. Established by the Labour government, the NWF is designed to catalyse private investment in key industries, particularly those related to green technology and infrastructure. With03/09/2024 More...
A 1% reduction in the Bank Rate would reduce the UK government's annual interest charges on the national debt, but the exact amount of the reduction depends on the proportion of the debt that is sensitive to changes in short-term interest rates. According to the Office for Budget Responsibility, a 1% decrease in short-term interest rates29/08/2024 More...
There is an online tool available on GOV.UK that allows taxpayers to check if they need to advise HMRC about additional income they receive. The online tool can be found at https://www.tax.service.gov.uk/guidance/check-non-paye-income/start/how-did-you-receive-additional-income Additional income could be generated by: selling things,29/08/2024 More...
Employees who are working from home may be eligible to claim a tax deduction on certain work-related bills. If their employer does not cover these expenses or allowances, they can claim tax relief directly from HMRC. You can claim tax relief if you are required to work from home, such as if your job requires you to live far from your29/08/2024 More...
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced back in 2003 to help keep retired people out of poverty. The Department for Work and Pensions has launched a Pension Credit awareness drive, urging pensioners to check their eligibility for Pension Credit in29/08/2024 More...
There are a significant number of reliefs available to businesses that suffer losses. Certain losses that your company has not used in any other way can be carried forwards against profits in future accounting periods. In general, a company can carry trading losses forward to deduct from profits of future accounting periods as long as the29/08/2024 More...
There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’ medical or dental treatment or insurance if they are a part of a salary sacrifice arrangement. In addition, the following health benefits29/08/2024 More...
Gift Hold-Over Relief is a tax relief that defers the payment of Capital Gains Tax (CGT). It can be claimed when assets, including certain shares, are gifted or sold below their market value to benefit the buyer. This relief allows any gain on the asset to be "held over" until the recipient sells or disposes of it, by reducing27/08/2024 More...
In the UK, certain business sectors are required to register with a regulatory body, such as HM Revenue & Customs (HMRC), for Anti-Money Laundering (AML) purposes. These sectors include: Money Service Businesses (MSBs): This includes currency exchange offices, money transmission services, and cheque cashing businesses. MSBs are12/09/2024 - More...
Self-assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The
12/09/2024 - More...
In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return
12/09/2024 - More...
The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in April 2026. The
With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!
» Sign up for the Newsletter
» Login