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Category: <span>Income Tax</span>

Hidden Pension Benefits for Grandparents and Relatives

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…

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Selling Online and Paying Taxes

Income Tax and Selling Online

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…

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HMRC Payment Plans

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…

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Autumn Statement Summary

On 22nd November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament. Headlines included generous National Insurance Contribution (NIC) cuts for workers and the self-employed and the ‘biggest permanent tax cut in modern British history for businesses’. Below, we summarise the Autumn Statement headlines and other measures announced. Please…

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Beware of Self-Assessment Scams

A Warning from HMRC The HM Revenue & Customs (HMRC) is alerting Self-Assessment customers to be vigilant against scam texts, emails and phone calls from fraudsters. As the deadline for submitting Self-Assessment tax returns for the 2022-23 tax year (31st January 2024) approaches, scammers are targeting unsuspecting individuals by posing…

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Tax Update November 2023

Welcome to the November 2023 Tax Update. In this edition we take a look at year-end tax planning, are all LLP Members self-employed, HMRC challenging LLP schemes for property businesses. charging EVs at home, reclaiming input VAT on the sale of shares; and this month’s events on the accounting horizon.…

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Changes to the Home Working Allowance

What You Need To Know In response to the challenges posed by the COVID-19 pandemic, the Government introduced special provisions allowing those working from home to receive a tax-free allowance of £6 per week. This initiative provided significant relief to employees, enabling them to offset the additional costs associated with…

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A little light reading for the weekend!

Unlock Substantial Tax Savings with this Little-Known Couples’ Financial Strategy Financial advisers have long been privy to a little-known tactic that could potentially save couples over £8,000 annually in taxes. This strategy involves transferring savings between partners, leveraging online calculators to determine the optimal amount to shift from the higher-earning…

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Tax Update September 2023

Welcome to the September 2023 Tax Update. In this edition we take a look Tax-Free Childcare Accounts, Child Benefits, changes to the R&D Relief Scheme, IHT on Pension Funds, and this month’s events on the accounting horizon. If you need any help or advice on any of these topics, please…

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TAX ALERT! For Sole Traders and Partnerships

TAX ALERT! IF YOUR YEAR END IS NOT 31st MARCH HMRC will be changing the way they assess profits for sole traders and partnerships. One of the lesser published points is that everyone is going to have to have a 31st March/5th April year end – if your year-end is not already…

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