Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified by 5 October following the end of the tax year so that a self-assessment return can be issued on time and to avoid any unnecessary penalties.
Following widespread speculation of tax cuts, with Child Benefit and National Insurance being key topics, the Chancellor of the Exchequer (Jeremy Hunt) delivered his Spring Budget today, focusing on tax cuts for workers and parents.
Our fee insurance scheme for clients is due to renew on 1 April 2024. There are 2 main areas of benefit from the scheme with different clients utilising one or other aspect to greater or lesser extent.
HMRC has published new guidance for taxpayers who regularly sell goods or services through an online marketplace. The guidance clarifies that this activity could be treated as a ‘trade’ for UK tax purposes. If this is the case, taxpayers may need to pay the income tax they earn from buying and selling goods as a trade or business using online marketplaces such as eBay.
Full expensing gives a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure must be incurred on providing a “main rate” plant or machinery. Full expensing is only available to companies subject to Corporation Tax.
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 2023-24).
It is not that long until the current 2023-24 tax year comes to an end on 5th April 2024 with any final payroll submissions to HMRC due by 19th of April 2024, with a number of year-end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs to be submitted no later than the last payday for your employees of the 2023-24 tax year.
Important tax year dates and deadlines are coming in March.
Important tax year dates and deadlines are coming in January.
Making Tax Digital (MTD) for Income Tax, also known as MTD for ITSA, was set up by HMRC as a new way for self employed business owners and landlords to report earnings and pay Income Tax.
If using the VAT Flat Rate Scheme, businesses pay VAT as a fixed percentage of their VAT-inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify how a business accounts for VAT and reduce the administration costs of complying with the VAT legislation.
What is the taxable turnover for 2023/24 The taxable turnover threshold determining whether businesses should be registered for VAT is currently £85,000. The taxable turnover threshold determining whether businesses can apply for deregistration is £83,000.