In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the 31 January 2025 deadline and clarifies some of the most widespread
Myths about self-assessment
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Higher rates of SDLT on residential property
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate
Claims to reduce payments on account
Self-assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on 31 January during the tax year and 31 July
MTD for Income Tax draws closer
The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in April 2026. The process will significantly adjust how businesses, self-employed individuals, and
Employing an apprentice
There are special rules to observe when employing an apprentice in the UK. Basically, an apprentice takes part in a structured training program that combines working with studying. Apprentices gain
When dividends cannot be paid
There is a basic principle that dividends or other distributions must not be paid out of capital even if the Articles of a company authorise such a payment. For the purposes of this article, reference
Beware overtrading
Overtrading occurs when a business expands its operations at a pace that exceeds its available working capital and financial resources. This can happen when a company takes on more business than it
Ask for advice
Asking your accountant for advice offers a range of benefits, particularly in guiding both business and personal financial decisions. Here are some key advantages:
Expert Financial
Tax Diary October/November 2024
1 October 2024 – Due date for Corporation Tax due for the year ended 31 December 2023.
19 October 2024 – PAYE and NIC deductions due for month ended 5 October 2024. (If you pay your tax
Self-assessment deadlines 2023-24
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, a £100 penalty will be imposed, regardless of whether there
Employing under 16-year-olds and young workers
When a new employee is added to the payroll it is the employers’ responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any
Qualifying for Business Asset Disposal Relief
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available, a reduced
Penalties for late filing of company accounts
There are late filing penalties which 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
Claiming Child Trust Fund cash
If you turned 18 on or after 1 September 2020, there may be cash waiting for you in a dormant Child Trust Fund (CTF).
If your children recently turned 18 you should check to see if they have claimed
Present self-employed NIC rates
Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more a year. Class 4 NIC rates for the tax year 2024-25 are 6% for
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