The deadline for filing your 2023/24 Self Assessment tax return online is 31 January 2025. Anearlier deadline of 30 December 2024 applies if you owe £3,000 or less and wish to pay the taxthat you owe through an adjustment to your PAYE code. While these dates are some way off,there can be advantages of filing […]
Advantages of filing your 2023/24 tax return early Read More »
HMRC has revealed that every year lots of simple errors are made in tax returns concerningcapital gains tax which results in the taxpayer suffering additional tax, interest and penalties.Here are some common mistakes, and how to avoid them. 1. Using the correct annual exempt amount When calculating how much capital gains tax you need to
Five common capital gains tax errors Read More »
Up to certain limits, it is possible to enjoy some savings income tax-free. The extent to whichthis is possible depending on the rate at which you pay tax; not all routes are open to all. Personal allowance If you do not fully use your personal allowance elsewhere, any balance not otherwise used canbe set against
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For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only are taxed charged at a higher rate, but taxpayers also have a shorter window in which to report the gain and pay the corresponding tax over to HMRC. In the 2024 Spring Budget, the Chancellor announced that the higher rate
Reduction in higher rate of capital gains tax on residential property gains Read More »
When running a business, keeping on top of things like tax submissions and regulatory changes isn’t just smart; it’s crucial. So, since it’s the end of the financial year, and we’re accountants, we thought we’d help you out with this. To help you prepare for the financial year of 2024, here are the key financial
Financial year 2024 – important dates to remember for the coming year! Read More »
As the end of the tax year approaches, it is prudent to review your pension contributions for the year and consider whether it is worth making further contributions before 6 April 2024. Remember, any annual allowances brought forward from 2020/21 will be lost if not used by this date. The amount of tax-relieved contributions that
Making pension contributions before 6 April 2024 Read More »
As the end of the tax year approaches, it is prudent for those operating their business as a personal or family company to review the profits extracted so far in the tax year and to consider whether it is beneficial to take further profits before the end of the tax year. There are various ways
Extracting Further Profits As The 2023/24 Tax Year Draws To A Close Read More »
The holiday season is upon us, and for business owners, this means more than just presents and decorations on the brain. So how can you close the current year on a high note? As trusty accountants, we understand the unique challenges and opportunities business owners face over this period, so we´re unwrapping 12 practical tips
12 Tips of Christmas for Business Owners: How to make your 2024 a right cracker Read More »
Changes to National Insurance Contributions: The government is cutting taxes for over 29 million working people. Note that this tax cut wouldn’t stop more people from going into higher rate tax bands as wages rise. But these will help employees and self-employed people have a little more money in their pockets. The changes they are
The Autumn Statement In A Nutshell Read More »
More than 77,500 customers submitted their 2022 to 2023 tax returns on 6 April 2023 according to the HMRC. The early filing does not mean early payment Choosing to file your tax return early does not mean you have to pay HMRC straight away. The 31 January deadline for payment remains unchanged. You have until 31
File Your Tax Return Now!! Read More »
