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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.   

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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.  

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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.  

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HMRC issue tax deadline warning

A large number of taxpayers are at risk of a fine if they miss a key deadline at the end of July.

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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.

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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.

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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. 

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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. 

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What is the deadline for submitting my P11D & P11D (b) Forms for 2022/23?

The deadline for submitting the 2022-23 forms P11D, P11D(b) is 6 July 2023. In this article we discuss the submission process, providing information on why and how it needs to be done before the deadline.

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What do the new Pension Tax reforms mean for UK retirement savers?

The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. In this article, we examine what these reforms are and what they could mean for UK retirement savers.

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The importance of having Lasting Powers of Attorney in place

People often put off making a Lasting Powers of Attorney until it's too late, assuming LPAs are irrelevant or can be postponed to the dim and distant future. In this article, Solicitor Abigail Hart explains why you should act sooner rather than later when considering an LPA. 

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Higher rate taxpayers could be paying too much tax on their pension contributions

If you’re earning £50,000 a year or more, and you’re part of an employer NEST pension scheme or other ‘relief at source’ arrangement, you could be missing out on significant tax reliefs.