The Spring Budget 2024
There were several announcements at the Spring Budget on 6th March: National Insurance contributions – There is to be a reduction to 8% for the Class 1 main rate of employee contributions. For the self-employed, the rate of Class 4 contributions is to be reduced to 6%. Both take effect from 6th April 2024. Child Benefit […]
The importance of HMRC’s 31st October 2023 tax return deadline
Why the 31st October 2023 and not 31st January 2024? Although the very final deadline to complete your 2022/23 tax return is 31st January 2024, that is also the same day that you have to make payment of any tax that you owe for last year. This may also include payments on account for next […]
Why Registering for Self-Assessment by October 5th 2023 is Important
As we are now in the last days few before October starts, there’s an important date that many individuals in the UK might not be aware of: October 5th, the deadline for registering for self-assessment. This date might not elicit the same excitement as a birthday or a holiday, but its significance cannot be overstated. […]
If you can’t contact HMRC – I can help you
Some shocking news was announced on 8th June 2024. With only four day’s notice, HMRC announced that they would be disconnecting their Self-Assessment telephone helpline for three months. The self-assessment helpline is to be closed from 12th June 2024 until 4th September 2024. HMRC says this is a ‘trial,’ however according to statistics from last […]
Low cost IT recommendations for a one-person business
When starting a business, you are looking to maximise the return on your investment of cash as well as reduce the time spent on administration. I launched my starting a business course in 2016 and gave a list of recommended equipment for someone starting out. Things have moved on in the last seven years, so […]
Digital tax introduction postponed until 2026
It has recently been announced that the digital tax system introduction has been postponed from 2024 to 2026. Making Tax Digital for Income Tax Self Assessment (MTDITSA) is the new system that applies to those with income from either properties or self-employment. MTDITSA replaces 1 tax return after the year end with 5 ‘tax returns’ […]
Tax changes following the autumn statement 2022
The Growth Plan September 2022
** Many changes announced in the Growth Plan have now been abandoned as below ** On Friday 23rd September, the previous Chancellor announced several plans that will affect individuals and the self-employed: 1% Reduction in income tax From April 2023, it is planned to reduce the basic rate of income tax from the current 20% […]
The 2022 Paper Tax Return
The 2021/22 tax year ended on 5th April 2022, tax returns for that year can now be submitted. It is highly recommended that returns are completed as early as possible in the year, that way nasty surprises are avoided. By leaving things later in the year, there is less time before the tax due for […]
National Insurance changes from July 2022
In the recent Spring Statement, several changes to National Insurance were announced. These are not straightforward, and this is further compounded by only applying part way through the new tax year – from 6th July 2022 onwards. The reason why the changes are not introduced from 6th April 2022 is that with short notice, payroll […]
SEISS Grants and accounting dates
People are now starting to complete their 2021 tax returns, which cover the tax year 6th April 2020 to 5th April 2021. If your accounting year ends on 5th April 2021 then there are no issues – any SEISS grants that you have received in the tax year will align with your accounting year. However, […]
HMRC 2021 Paper Tax Return Form
The new paper tax return form has been released for 2020/21 by HMRC The 2021 tax year covers the period 6th April 2020 to 5th April 2021. If you are submitting a paper tax form, this has to be submitted to HMRC before 31st October 2021 in order to avoid an automatic £100 fine being […]