by James McBrearty | Dec 22, 2022 | Blog, Personal tax, Self-employed, Start-up
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...
by James McBrearty | Nov 28, 2022 | Blog, Personal tax, Self-employed, Start-up
On the 17th of November there were several changes announced that will affect tax for future years. Personal Tax & National Insurance bands The thresholds at which these apply are to be frozen at their current levels until April 2028. (For anyone who...
by James McBrearty | Sep 27, 2022 | Blog, Personal tax, Self-employed, Start-up
** 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...
by James McBrearty | Apr 14, 2022 | Blog, Personal tax, Self-employed, Start-up
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...
by James McBrearty | Apr 5, 2022 | Blog, Personal tax, Self-employed, Start-up
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...
by James McBrearty | Oct 3, 2021 | Blog, Personal tax, Self-employed
HMRC had been planning to start digital tax from 6th April 2023, however that has now been postponed until 6th April 2024. There have also been some further details of digital tax record-keeping. You do not have to input your income and expenses straightaway if you do...
by James McBrearty | Sep 27, 2021 | Blog, Personal tax, Self-employed
From April 2022 the rate of National Insurance is to increase by 1.25%.This will apply to both employees(Class 1) and the self-employed(Class 4.)The increase won’t initially affect those above state pension age.However from April 2023 the increase is renamed as...
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 | 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...
