October is a big month for news and we’ll bring Budget updates as soon as they hit. For now we have included information from HMRC on penalties for late filing of accounts and how likely an appeal might be for challenging them successfully. Affecting many thousands of people, the government is urging people to check their eligibility for Home Responsibility Protection (HRP) which boosts the pension for parents and carers. This is relevant for those who may have an NI gap owing to time taken out of employment for caring responsibilities. Find out more about higher rate relief on pension contributions and how this might affect you. Our final piece is a reminder of the impact of gifts and how they are treated for inheritance tax purposes. We conclude this month’s news with financial deadlines that take us up to mid-November.
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.
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HMRC together with the Department for Work and Pensions (DWP) have issued a press release urging tens of thousands of people to check if they are eligible to boost their State Pension utilising Home Responsibility Protection (HRP).
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You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits.
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Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as “potentially exempt transfers” (PETs), can become fully exempt if the donor survives for more than seven years after making the gift.
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Tax Diary October/November 2024
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Kind regards,
Elan & Co
