Are you an animal breeder? If so, it’s important to be aware of HMRC’s recent outreach to individuals who may have underpaid tax on income from breeding or selling animals, including dogs and cats. HMRC’s Letter Campaign HMRC is sending letters to individuals they believe may have failed to declare…
HM Revenue and Customs (HMRC) has issued a press release clarifying some common myths about whether or not someone needs to register to complete a self-assessment tax return. The basic requirement is that anyone who needs to complete a self-assessment return for the first time to cover the 2023-24 tax…
Welcome to our August Tax Update. In this edition we take a look at the 60% income tax trap, tax-free childcare accounts, staff BBQs, the tax treatment of furnished holiday lettings, VAT on independent schools fees and upcoming dates on the accounting horizon. BEWARE THE 60% INCOME TAX TRAP It…
HM Revenue & Customs (HMRC) has released figures showing that 295,250 Self-Assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th. This seems to suggest an increasing trend for filing tax returns early. Last year,…
What counts as a business journey for tax purposes? With COVID came the necessity for some employees to work remotely from home. Post-Pandemic, some employees have chosen to continue this hybrid working, whilst others have no choice as regional offices close down to help cut costs. HM Revenue and Customs…
Welcome to our April Tax Update In this edition we take a look at the changes for the new tax year, child benefit claims, cash accounting, changes to the Basis of Assessment, Making Tax Digital, holiday lettings, capital allowances and R&D. HAPPY NEW TAX YEAR! In this April issue we…
Are you eligible for a £252 saving on your tax bill? With the tax year ending on 5th April, March is a good month to check whether sharing unused tax allowances with your partner could save you some money. HMRC says that March is the most popular month for Marriage…
Unlock an extra £3,600 in State Pension Did you know grandparents, aunts, uncles and other family members can claim extra National Insurance (NI) credits for helping care for children? These credits can add up to £3,600 per year on your state pension! Who qualifies? Parents who don’t live with the…
In recent weeks there has been a flurry of online activity discussing the new law that will require online marketplaces to report information about income made by their users to HMRC. The discussion has led to many people asking questions such as “Will I have to pay tax on the…
HMRC approve tax bill payment plans for 44,800 taxpayers HM Revenue and Customs have announced that nearly 44,800 people have sorted their upcoming 31st January tax bill by setting up a payment plan. HMRC provide the option of a monthly payment called Time to Pay (see link below). Provided taxpayers…