In this post we have outlined a few tax planning options that readers may want to consider following the October Budget changes. Capital Gains Tax Landlords will be relieved that the higher residential rate will remain at 24% until at least 5 April 2026. However, where a landlord is planning to sell, it may […]
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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 penalties for late […]
If you have taxable income of less than £17,570 in 2024-25 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570 personal allowance. In addition, there is a Personal Savings Allowance […]
The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal allowance for 2024-25). The allowance works by permitting […]
There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is available at https://www.gov.uk/check-national-insurance-record In order to use this service, you will need to have a Government Gateway account. If you do not have an account, you can apply to set one up online. By signing […]
Support measures have been agreed for those struggling with, or anxious about, their mortgage repayments. A new mortgage charter was approved following a meeting of the Chancellor of the Exchequer, the UK’s principal mortgage lenders and the Financial Conduct Authority. Three of the key measures Anyone concerned can talk to their bank or their mortgage […]
HMRC has confirmed that plans to extend the Help to Save scheme by 18 months, until April 2025 have been confirmed. The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save between £1 and £50 every calendar month and receive a […]
1 July 2023 – Due date for corporation tax due for the year ended 30 September 2022. 6 July 2023 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2023 – Pay Class 1A NICs (by the 22 July 2023 if paid electronically). 19 […]
Fraudsters often try to take advantage of the 31 July deadline for submitting tax credits renewal information. The fraudulent emails, texts or calls claim to be from HMRC and often promise money back in the form of a tax rebate together with a click-through link to a replica of the HMRC website. The fraudsters then […]
The Gift Aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This means that when a basic rate taxpayer claims gift aid on a £10 donation, the charity can reclaim from HMRC the £2.50 of tax paid […]