There are three ways in which former students with student or post-graduate loans can make loan repayments: • from deduction from their wages or salary through the PAYE system; • to HMRC through the Self Assessment system; or • direct to the Student Loans Company (SLC). […]
Making student loan repayments through Self Assessment Read More »
Class 2 National Insurance contributions are flat-rate contributions which for 2023/24 and earlier tax years are payable by the self-employed where their profits exceed the relevant trigger threshold. For 2023/24 and 2022/23, the liability to pay Class 2 contributions arose where profits exceeded the lower profits threshold (set at £12,570 for 2023/24). For those years,
Class 2 National Insurance refunds made in error – Action to take Read More »
The VAT flat rate scheme is a simple VAT scheme for smaller VAT-registered businesses. Rather than pay the difference between the VAT charged to customers and that incurred on business purchases over to HMRC, traders using the flat rate scheme instead pay a fixed percentage of their VAT-inclusive turnover to HMRC. The percentage depends on
VAT flat rate scheme – Is it for you? Read More »
Earlier this year, HMRC wrote to wealthy taxpayers who had not submitted tax returns for 2020/21 and/or 2021/22. A letter was sent where the taxpayer had submitted a return for 2020/21 and 2022/23 but not for 2021/22 or where a return had been submitted for 2019/20 and 2022/23 but not for 2020/21 or 2021/22. Taxpayers
Wealthy taxpayers within PAYE – When is a tax return required? Read More »
Children may have their own income. This may be in the form of savings income on accounts that they hold or, for older children, income from a paper round or a Saturday job. Like adults, children have their own set of allowances, including a personal allowance and savings and dividend allowances. However, anti-avoidance provisions apply
When is a child’s income taxable on their parent? Read More »
For small companies, obtaining tax-efficient funding involves leveraging various schemes and incentives that minimise tax liabilities while maximising capital inflow. These schemes are designed to attract investment by offering tax reliefs to investors, making it more appealing for them to invest in small and growing businesses. Several government-endorsed tax incentives have been implemented to encourage
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
Tax-free savings income in 2024/25 Read More »
If you were given an amazing opportunity to buy shares in the company you work for through a management buyout (MBO), would you understand all the tax implications? You could be taking full control or owning a significant stake, allowing you to benefit directly from the company’s future success – but what does this mean
Management Buyout: Key Tax Considerations for Management Read More »
