Tax Diary April/May 2024
1 April 2024 – Due date for corporation tax due for the year ended 30 June 2023. 19 April 2024 – PAYE and NIC deductions due for month ended 5 April 2024. (If you pay your tax electronically the due date is 22 April 2024). 19 April 2024 – Filing deadline for the CIS300 monthly […]
HMRC helpline changes on hold
HMRC has been forced into an embarrassing climbdown on plans to close the Self-Assessment, VAT and PAYE helplines from early April until September this year. HMRC has now confirmed that these helpline changes have been abandoned following feedback from many concerned stakeholders, including MPs, accountants and members of the public. This means that the helplines […]
Check your National Insurance record
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 in […]
A new acronym
Most readers of our posts will recognise the acronym CGT or IHT -Capital Gains Tax or Inheritance Tax. And the myriad of other taxes that affect most UK taxpayers in or out of business: But what about MTD? What is MTD? MTD will be recognisable by most business owners who are registered for VAT. It […]
Tax on savings interest
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 […]
Still time to register for the Marriage 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 […]
Opening up small company reporting
Companies House are working on detailed changes that will require small and micro sized companies to file information about their turnover and profits at Companies House. Once filed, this data will be available to anyone searching affected companies’ records at Companies House. At present, smaller companies can file abridged accounts that do not include a […]
Boost for small businesses
In a recent press release, HMRC underlined the benefits to smaller businesses from the increase in the VAT registration threshold and the business rates freeze. Here’s what they said: “Small businesses have received a boost as the VAT registration threshold is raised from £85,000 to £90,000, and £4.3 billion of business rates relief comes into […]
