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Who does MTD for ITSA apply to?| How to Prepare for Making Tax Digital for Income Tax

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.  

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Do I need to register for VAT in 2024? | What is the VAT threshold in 2024?

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.  

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What is the IHT rate for 2023/24? | How much can I gift to avoid inheritance tax?

We wanted to remind you of the inheritance tax (IHT) implications of making cash gifts during the 2023-24 tax year ending on April 5, 2024.

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How to reconnect discontinued bank feeds in Sage Accounting

Some Sage Accounting users are finding their bank feeds have been disconnected.  To resolve the issues users will need to disconnect and reconnect the existing bank feed. 

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What happens if you miss the late filing deadline for company accounts | Late Filling Penalties

The directors are responsible for filing their company’s accounts and ensuring they’re filed before the filing deadline. Understanding your role and how late filing could affect your company is important.  

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What is the National Insurance Contributions Rate for 2024?| How Employed and Self Employed can Calculate their Annual Gain?

In the  recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions for both employees and self-employed people.  

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HMRC guidance on tax treatment of electric vehicle charging at residential properties

The recent update from HMRC has significant implications for the tax treatment of electric vehicle charging at residential properties for company cars. HMRC has revised its guidance regarding employers' payments for charging company-owned cars and vans at employees' homes. 

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Paying employees early over the Christmas period

During this festive season, some of you may plan to pay your employees earlier than usual. To ensure compliance and avoid any discrepancies, here is a reminder of the steps to follow in reporting these payments accurately to HMRC.

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The Autumn Statement Key Updates | What was announced?

The Chancellor of the Exchequer (Jeremy Hunt) delivered his autumn statement today with it having been widely predicted that tax cuts of some kind would be announced, with National Insurance and Inheritance Tax specifically being mentioned.

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Paying Tax by Direct Debit to HMRC | Can I pay my self-assessment tax return by Direct Debit?

One of the many ways payments can be made to HMRC is by using a direct debit. The direct debit can be set up online. 

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Taxable Gains on Gifts | What is the Gift Relief on the Transfer of Property?

Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. Gift Hold-Over Relief means that any gain on the asset is 'held-over' until the recipient of the gift sells or disposes of them. This is done by reducing the acquisition cost by the amount of the held over gain for the acquirer.

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What is the trust income tax rate for 2023/24? | Trusts and Income Tax

A trust is created when assets, usually referred to as the trust property, are placed under the control of a trustee for the benefit of another, usually referred to as the beneficiary. The person transferring assets to the trust is known as the settlor.