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income tax

What are the MTD tax return changes from 2023/24?

In preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment, the basis period rules for unincorporated businesses are being abolished. In its place, unincorporated businesses will be assessed on the profits actually earned in the tax year.

There is still time to consider tax planning options for the 2021-22 tax year

With rare exceptions, once the end of the tax year has passed, tax planning options to reduce tax liabilities are no longer possible.

Tax benefits on electric cars - company cars

As most drivers of a company car will be aware, if you have any private use of the vehicle this will result in a significant Income Tax charge. This charge is the way that HMRC levy tax on the deemed value of the benefit of having the use of a company car, and the more expensive the car is and the higher the CO2 footprint of the car, the higher the Income Tax charge will be.

HMRC temporarily extend online self-assessment tax return deadline

HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for one month giving Self-Assessment taxpayers extra time (if required) to complete their 2020 to 2021 tax return and pay any tax due. 

MTD for income tax self-assessment delayed until 6 April 2024

The government has delayed the start of MTD ITSA (Making Tax Digital for Income Tax Self-Assessment) from 6 April 2023 to 6 April 2024 for self-employed businesses and landlords, with MTD for general partnerships postponed to 6 April 2025. 

Airbnb Landlords Income and HMRC

You may have seen recent headlines about the tax affairs of Airbnb in the UK and that HMRC have charged them with an additional £1.8 million of tax following an investigation. If you are a UK citizen, or a general fan of tax payments you may think that sounds good as the company didn’t seem to be paying enough tax. But how will this change affect Airbnb hosts? 

Make hay while higher rate relief is available

For many years Chancellors have threatened to reduce the Income Tax relief that can be claimed for payments into a private pension scheme.

Income Tax – regional differences

You will pay Scottish Income Tax if you live in Scotland, Income Tax if you live in England or Northern Ireland and the Welsh Income Tax if you live in Wales.

Can’t pay your tax?

A reminder that HMRC may consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities.

Can’t pay your tax?

A reminder that HMRC may consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities.

Self Assessment Update

On Friday 1st February, HMRC announced that over 93% of taxpayers filed their self-assessment tax returns on time and before the 31st January deadline.

Self Assessment Update

On Friday 1st February, HMRC announced that over 93% of taxpayers filed their self-assessment tax returns on time and before the 31st January deadline.

Self Assessment Update

On Friday 1st February, HMRC announced that over 93% of taxpayers filed their self-assessment tax returns on time and before the 31st January deadline.

Plan your money 2019

2019 is set to be a year of changes for finances, with everything from council tax, state pension payments and inheritance tax set to change. Find out about the changes below and how your finances could be affected.

Plan your money 2019

2019 is set to be a year of changes for finances, with everything from council tax, state pension payments and inheritance tax set to change. Find out about the changes below and how your finances could be affected.

Is the top rate of Income Tax 45%?

Named the additional rate, the highest rate of Income Tax is 45%, and some might say 45% is high enough. However, if the rate of tax is measured as the relationship between income and tax plus tax related penalties paid, there are times when this 45% can rise, to as much as 90%.

Is the top rate of Income Tax 45%?

Named the additional rate, the highest rate of Income Tax is 45%, and some might say 45% is high enough. However, if the rate of tax is measured as the relationship between income and tax plus tax related penalties paid, there are times when this 45% can rise, to as much as 90%.

Tax Diary January 2019

See important tax dates for January here.

Tax Diary January 2019

See important tax dates for January here.