The Spring Budget 2024
There were several announcements at the Spring Budget on 6th March: National Insurance contributions – There is to be a reduction to 8% for the Class 1 main rate of employee contributions. For the self-employed, the rate of Class 4 contributions is to be reduced to 6%. Both take effect from 6th April 2024. Child Benefit […]
The end of the P11D employee benefit form
For many years one of the delays in completing a tax return has been waiting for the issue of the P11D form. P11D forms are issued to employees and detail the value of employment related taxable expenses during the last tax year. While the figures from the P60 earnings summary can be obtained from the […]
The importance of HMRC’s 31st October 2023 tax return deadline
Why the 31st October 2023 and not 31st January 2024? Although the very final deadline to complete your 2022/23 tax return is 31st January 2024, that is also the same day that you have to make payment of any tax that you owe for last year. This may also include payments on account for next […]
Why Registering for Self-Assessment by October 5th 2023 is Important
As we are now in the last days few before October starts, there’s an important date that many individuals in the UK might not be aware of: October 5th, the deadline for registering for self-assessment. This date might not elicit the same excitement as a birthday or a holiday, but its significance cannot be overstated. […]
Remember Capital Gains Tax when selling a second property
Selling a second home can be a significant financial milestone, but it also comes with certain responsibilities that might catch you off guard if you’re not adequately prepared. One such obligation is dealing with Capital Gains Tax (CGT), which applies to the profit made from selling a second property. In this post, I will delve into the essential aspects of CGT when disposing of a second home and provide guidance on how to navigate this process effectively.
Taxhelp celebrates 17 years in business
Taxhelp – helping individuals with their personal tax from 2006 to 2023 and beyond… In 2006, I embarked on an exciting new journey, starting my own small business. Just two years after its inception, the business transitioned into a limited company, marking a significant milestone in my growth story. This transformation wasn’t just about legal […]
If you can’t contact HMRC – I can help you
Some shocking news was announced on 8th June 2024. With only four day’s notice, HMRC announced that they would be disconnecting their Self-Assessment telephone helpline for three months. The self-assessment helpline is to be closed from 12th June 2024 until 4th September 2024. HMRC says this is a ‘trial,’ however according to statistics from last […]
Nationwide £100 Bonus payments – Tax treatment
It is expected that there will be three million of these bonus payments made this year. For tax, they may have to be declared on the next tax return as they are classed as interest income. Depending on the total bank interest received in the year, you may not have to pay tax on them. […]
2023 SA316 – HMRC Notice to complete a tax return
It is now time to start preparing the 2023 personal tax returns, which cover the year 6th April 2022 to 5th April 2023. You may receive a notice from HMRC, called a SA316, which confirms that they are expecting you to submit a tax return. It also means that they will issue fines automatically unless […]
Where is the 2023 HMRC SA100 Tax Return Form?
[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”] Every year, thousands of people use my website to locate the paper tax return form online, as it wasn’t easy to find on the GOV website. I have been […]
Low cost IT recommendations for a one-person business
When starting a business, you are looking to maximise the return on your investment of cash as well as reduce the time spent on administration. I launched my starting a business course in 2016 and gave a list of recommended equipment for someone starting out. Things have moved on in the last seven years, so […]
Digital tax introduction postponed until 2026
It has recently been announced that the digital tax system introduction has been postponed from 2024 to 2026. Making Tax Digital for Income Tax Self Assessment (MTDITSA) is the new system that applies to those with income from either properties or self-employment. MTDITSA replaces 1 tax return after the year end with 5 ‘tax returns’ […]