Tax and Business Articles
Tax regulations are constantly changing, so it is important to keep up to date. This is where I share the latest news.
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...
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...
Remember Capital Gains Tax when selling a second property
Selling a second home can be a significant financial milestone, but it also comes with certain responsibilities that might catch you off guard if you’re not adequately prepared. One such obligation is dealing with Capital Gains Tax (CGT), which applies to the profit made from selling a second property. In this post, I will delve into the essential aspects of CGT when disposing of a second home and provide guidance on how to navigate this process effectively.
Taxhelp celebrates 17 years in business
Taxhelp - helping individuals with their personal tax from 2006 to 2023 and beyond... In 2006, I embarked on an exciting new journey, starting my own small business. Just two years after its inception, the business transitioned into a limited company, marking a...
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...
Nationwide £100 Bonus payments – Tax treatment
It is expected that there will be three million of these bonus payments made this year. For tax, they may have to be declared on the next tax return as they are classed as interest income. Depending on the total bank interest received in the year, you may not have to...
2023 SA316 – HMRC Notice to complete a tax return
It is now time to start preparing the 2023 personal tax returns, which cover the year 6th April 2022 to 5th April 2023. You may receive a notice from HMRC, called a SA316, which confirms that they are expecting you to submit a tax return. It also means that they will...
Where is the 2023 HMRC SA100 Tax Return Form?
Every year, thousands of people use my website to locate the paper tax return form online, as it wasn't easy to find on the GOV website. I have been posting a link each year to help people, but with very short notice HMRC had initially...
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...
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...
Tax changes following the autumn statement 2022
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...
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...
Could completing your own 2022 tax return actually cost you money?
Sometimes people make the mistake of thinking they can try to save money by completing their own tax return, rather than engaging the help of a professional. Unfortunately, there are several areas to consider when looking at the costs of professional help and the...
HMRC Home working claim changes for 2023
As expected, HMRC has now changed the home working allowance claim regulations for the year to 5th April 2023.During the pandemic, there was a special allowance available where you could claim the fixed home working rate for a whole year even if you only worked from...
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...
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...
Making Tax Digital postponed until 2024
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...
National Insurance increase from April 2022
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 a...
Dividend Tax Increase from April 2022
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...
Taxhelp celebrates 15 years in business
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 time...
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...
SA316 – HMRC Notice to File a 2021 Tax Return
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...
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...
SEISS grants 4 and 5 announced
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 partnership.The...
Tax Allowances Frozen to 2025/26
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 Band -...
James McBrearty in TAXAdviser magazine
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...
HMRC 31st January 2021 Return Deadline Extended
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 year......
Self-serve HMRC time to pay for 2021
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...
The Winter Economy Plan update
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...
Countdown to HMRC Digital Income Tax in 2023
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...
taxhelp celebrates 14 years in business
I started taxhelp.uk.com back in 2006, specifically to help the self-employed and individuals with their personal tax.Having helped many clients through the last downturn in the economy, from 2008 - 2013, I am sure that their will again be many success stories from...
When is the best time to start a small business?
You could actually find that it may be during a downturn... as many perceived obstacles are actually opportunities if you are aware of them and take advantage.Having started my own business in 2006, I have both grown my own business during the last downturn from...
Confirmation of payee for bank payments
In order to reduce fraud, confirmation of payee has been introduced for bank payments.This service aims to tie up payments to the correct account name, whereas in the past only the sort code and account number was used. At present, the new systems work for faster...
Small Business Saturday 2020 & the #SmallBiz100
Many people will be looking to promote their business in the current market, something I can highly recommend is Small Business Saturday and also the Small Business Saturday 100.There are many great opportunities to gain publicity for your small business, and there...
SEISS second payment announced
The Self Employed Income Support Scheme (SEISS) has been extended to cover a further period of three months.The second payment, which will be the final one under the SEISS scheme, is to be capped at £6,570.The second grant will open for applications in August, and...
WFH – Homeworking Expenses for Employees
With many employees currently working from home, there have been two welcome concessions for HMRC regarding the tax treatment of expenses. Personal purchases of equipment to be used for work purposes.Tax relief on homeworking expenses. Personal purchases of equipment...