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What Are The Companies House Late Filing Penalties? | How To Avoid Late Filing Penalties From Companies House

Companies House late filing penalties 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.   

16 Aug 2023 Read more
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When are you Not Required to Pay Capital Gains Tax on Assets? | Capital Gains Tax Allowances

In most cases, no Capital Gains Tax (CGT) is to be paid on the transfer of assets to a spouse or civil partner. There is, however, a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated from when the original spouse or civil partner first owned the asset.  

16 Aug 2023 Read more
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When is the Deadline for Submitting My Self-Assessment Tax Return? | Key Dates for the 2023/24 Tax Year

You need to submit a tax return to HMRC if any of the following situations apply in the 2023/24 tax year, the 6th of April 2023 - the 5th of April 2024.  

16 Aug 2023 Read more
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Updating Your Tax Return | How To Amend A Self Assessment Tax Return

There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, this can happen if you made a mistake such as entering a number incorrectly or omitted information from the return.

18 Jul 2023 Read more
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Advising HMRC about changes in your income | What changes do You need to report?

There are a number of reasons why you might need to contact HMRC  about changes in your income.  HMRC’s guidance states that this could happen because you: •    did not realise you needed to tell HMRC about it; •    were not sure how to declare it; or •    did not declare it because you could not pay the tax.

17 Jul 2023 Read more
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Capital Gains Tax Annual Exemption 2023/24 | How To Work Out Your Capital Gains Tax

The annual exempt amount on capital gains tax for individuals in2023-24 was reduced to £6,000 (from £12,300) and is set to be further halved to £3,000 from April 2024. A married couple each have a separate exemption. This also applies to civil partners who are treated in the same way as married couples for capital gains tax purposes. 

17 Jul 2023 Read more
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The Residence Nil Rate Band Explained | What Is The Transferable Residence Nil Rate Band

The Inheritance Tax residence nil rate band  (RNRB) is a proportion of an estate on which tax is payable at a rate of zero percent for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. 

17 Jul 2023 Read more
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Charity Commission Updates Its Guidance on Internal Finance Controls | CC8 Controls For Charities Updated

The Charity Commission’s Internal Finance Controls (CC8) guidance note is essential reading for all registered charities.

5 Jul 2023 Read more
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Charity Annual Return 2023 | Updated Annual Return AR23

The charity Commission published on 24th February, its guidance on the questions in the 2023 annual return, as well as updating the general annual return guidance

5 Jul 2023 Read more
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Filling Gaps in National Insurance Contributions extended to 2025

We previously notified you that the deadline was approaching for individuals aged 45 to 72 to fill in gaps in their National Insurance Contribution (NIC) history. For those under 45, it will generally not make sense to pay for additional years as you should have sufficient remaining working life to achieve the maximum number of NIC years (although other factors could affect this such as if you have moved overseas). The initial deadline was April 5th 2023, which due to the current overload of government helplines, was subsequently extended to 31st July 2023 and has now been further extended to 5th April 2025 as advisers have been unable to provide the necessary advice.

16 Jun 2023 Read more
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How to gain Clearance to secure exempt distribution status

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be subject to Income Tax.

14 Jun 2023 Read more
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What Is IHT Agricultural Property Relief?

HMRC’s notice that refers to this relief has recently been updated to remove the word 'intensively' from the end of the following sentence: 'Agricultural property that qualifies for Agricultural Relief is land or pasture that is used to grow crops or to rear animals.'

14 Jun 2023 Read more
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