1 November 2024 – Due date for Corporation Tax due for the year ended 31 January 2024.
19 November 2024 – PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax
Tax Diary November/December 2024
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Cash in Child Trust Funds
HMRC has issued a press release urging 18-22 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 670,000 young adults in this age
Relief for company tax losses
Corporation Tax relief may be available when a company or organisation incurs a trading loss, a loss on the sale or disposal of a capital asset, or on property income. Tax relief may be available to
Check your State Pension age
HMRC’s ‘Check your State Pension age’ tool is available at www.gov.uk/state-pension-age/y.
The online tool allows taxpayers to check the following:
the earliest age they can start receiving the
Tracing lost pension details
An online service is available on GOV.UK at www.gov.uk/find-pension-contact-details to help people find their lost pension funds.
You can use this service to find contact details for:
your own
When you must register for VAT
The taxable turnover threshold for VAT registration is currently £90,000 and has applied since April 2024.
Businesses must register for VAT if they meet one of the following conditions:
At the end
Starter checklist for PAYE
When hiring a new employee, employers must determine the appropriate tax code and starter declaration for their payroll software. Using incorrect tax codes can result in the new employee over or
Beware fake parking fine texts
The Driver and Vehicle Standards Agency (DVSA) is warning that scammers are sending text messages about fake DVSA parking penalty charges. The text messages warn people that they have a ‘parking
Setting up a Civil Partnership
Civil Partners enjoy the same tax and other advantages as married couples.
To set up a civil partnership in England or Wales, both partners must be eligible, meaning they are over 18, not already
VAT group registration
There are special VAT rules that allow two or more companies or limited liability partnerships, commonly referred to as ‘bodies corporate’, to be treated as a single taxable person for VAT purposes
Higher rate relief pension contributions
You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax,
Redundancy pay and tax
There is a tax-free limit of £30,000 for redundancy pay regardless of whether it is your statutory redundancy payment or a higher payment from your employer.
If you have been employed for two years
Gifts and Inheritance Tax
Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as "potentially exempt transfers" (PETs), can become fully exempt if the donor
What is fiscal drag?
The freezing of tax thresholds often leads to a phenomenon known as fiscal drag. When tax thresholds remain unchanged, taxpayers will likely pay more tax as their earnings rise without a corresponding
Current rates for Capital Gains Tax (CGT)
CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However, if taxpayers are within the basic rate tax bracket and make a small capital gain, they may be eligible
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