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How dividends are taxed

How dividends are taxed

Dividends received are taxed as income but the rates of tax applied are different to the formal Income Tax rates. Also, individuals can receive dividends up to the annual dividend allowance tax free.

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Who needs an EORI number?

Who needs an EORI number?

The Economic Operators’ Registration and Identification System (EORI) was setup as a European Union (EU) wide initiative that helps businesses communicate with customs officials when they are

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Increase in National Living Wage

Increase in National Living Wage

The Chancellor of the Exchequer, Jeremy Hunt, confirmed that the government has committed to the proposals of the Low Pay Commission for increasing minimum wage rates from 1 April 2024. The actual

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Recurring sales

Recurring sales

Most business owners will appreciate the difference between one-off sales, and services that are generally described as recurring.

For example, you may sell a laptop (a one-off sale) and then bolt on

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Repeat business

Repeat business

Once you have secured the attention of a customer that has purchased their initial goods or services from you, you have completed the hard part – converted a prospect into a buying customer – so don’t

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Tax Diary November/December 2023

Tax Diary November/December 2023

1 November 2023 – Due date for Corporation Tax due for the year ended 31 January 2023.

19 November 2023 – PAYE and NIC deductions due for month ended 5 November 2023. (If you pay your tax

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Have you downloaded your HMRC app?

Have you downloaded your HMRC app?

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store for Android. The latest version of the app includes updated functionality to check your Child

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Cost of Living payments 2023-24 support

Cost of Living payments 2023-24 support

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were

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When you must register for VAT

When you must register for VAT

The taxable turnover threshold, which determines whether businesses should be registered for VAT, is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for

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Deadlines 2022-23 Self-Assessment tax return

Deadlines 2022-23 Self-Assessment tax return

The 2022-23 tax return filing deadline for taxpayers who continue to submit paper Self-Assessment returns is 31 October 2023. Late submission of a Self-Assessment return will incur a £100 late filing

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Re-starting a dormant company

Re-starting a dormant company

HMRC must be informed when a non-trading or dormant company starts trading again and thus becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant

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Bank deposits covered by FSCS

Bank deposits covered by FSCS

Your eligible deposits with all High Street bank are covered by the Financial Services Compensation Scheme (FSCS).

The present limit of this FSCS guarantee is £85,000 and this applies to total

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Reforms to powers of attorney

Reforms to powers of attorney

These legal agreements enable a person to grant decision making powers about their care, treatment or financial affairs to another person if they lose mental capacity.

The Powers of Attorney Act

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