by James McBrearty | Sep 17, 2021 | Blog, Personal tax
The rate of tax on dividend income is to increase from April 2022. At present, there is also a £2,000 annual tax-free allowance for dividend income.There have been no changes announced to this annual limit, however the rate of tax that is charged on dividends above...
by James McBrearty | Aug 9, 2021 | Blog, From the office
I launched taxhelp.uk.com back in 2006, to specialise in helping the self-employed. It has now been 15 years since I started the business, and I am pleased to have been able to help hundreds of small business owners – taking away the worry and freeing up their...
by James McBrearty | Jun 1, 2021 | Blog, Personal tax, Self-employed, Start-up
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...
by James McBrearty | May 4, 2021 | Blog, Personal tax, Self-employed
HMRC has started issuing the 2021 notices to complete a tax return.These can either be received through your online personal tax account, as above, or through the post.The postal form is called a SA316 form.The notices relate to the 2020/21 tax return year, which...
by James McBrearty | Apr 6, 2021 | Blog, Personal tax, Self-employed, Start-up
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...
by James McBrearty | Mar 4, 2021 | Blog, Personal tax
It was announced in the Budget that there would be two SEISS grants: Fourth Grant – covering three months at 80% of average trading profits. Paid out in a single instalment and capped at £7,500.You must be a self-employed individual or a member of a...
by James McBrearty | Mar 4, 2021 | Blog, Personal tax
In the Budget it was announced that, rather than increase in line with inflation each year, several personal tax allowances are to be frozen.The below allowances will remain at the 2021/22 levels through until 2025/26: Personal Allowance – £12,570 Basic Rate...
by James McBrearty | Feb 11, 2021 | Blog, From the office
As a fellow of my tax association, I was featured in the February 2021 issue of TAXAdviser magazine: The feature discusses my tax career and how the ATT qualification, ATT fellowship and volunteering for the association have all had a positive impact: James McBrearty...
by James McBrearty | Jan 26, 2021 | Blog, Personal tax, Self-employed
The normal deadline for submitting an online tax return is the 31st January after the year end.For 2020 tax returns the deadline would usually have been 31st January 2021.It has been announced that late return penalties will not be issued on 31st January this...
by James McBrearty | Nov 25, 2020 | Blog, Personal tax, Self-employed
HMRC had already allowed people to defer payment of their 31st July 2020 second payment on account until 31st January 2021.Now, that is being extended through a new time to pay arrangement that will enable people to set up their own online payment plan to cover any or...
by James McBrearty | Sep 28, 2020 | Blog, Personal tax, Self-employed
The chancellor has announced the winter economy plan, which provides some additional support to individuals and the self-employed: SEISS Grant Extension There are to be two further payments under the Self-Employed Income Support Scheme.These payments are to cover the...
by James McBrearty | Aug 17, 2020 | Blog, Personal tax, Self-employed, Start-up
NOW POSTPONED to 2024: Making Tax Digital postponed until 2024 (taxhelp.uk.com) HMRC has recently announced the proposed timescale to introduce the next stage of Making Tax Digital (MTD) for Income Tax. Who does HMRC Digital Income Tax affect? Previously MTD applied...
