We often get approached by individuals who have not reported all their income or gains to HMRC. In the first instance, we discuss whether there is a requirement to file and what information will be needed. It can be a scary time, especially if HMRC has issued a...
It is time to prepare the Forms P11D and P11D(b) for the 2023-24 tax year. The Forms are the employer’s responsibility. They are required for directors and employees who are provided with benefits or for whom you pay or reimburse non-deductible expenses. The Forms...
We have been aware for some time that in the current year, 2023/24, individuals with income taxed under PAYE (so employees in the main) whose salary and benefits do not exceed £150,000, will no longer be required to submit Self Assessment Tax Returns. This is good...
The self assessment tax deadline is fast approaching, with returns for the period covering 6th April 2022- 5th April 2023 due for filing by 31st January 2024. Although it seems a long way off, the deadline will be here before you know it. Is your tax return already...
We are heading towards another Autumn Statement 0n 22 November 2023, but what about tax changes which have already been announced? Capital Gains Tax Allowances When you sell an asset and make a profit, if capital gains tax is due, allowances of £12,300 used to be...
From 15 March 2023, income tax relief is being withdrawn on donations made to EU or EEA charities and Community Amateur Sports Clubs (CASCs). This will mean that income tax relief will no longer be available to claim against taxable income on tax returns from this...
