Posts by Nettie Buss
Don’t get caught out by the £10 a day self-assessment fines
Don’t get caught out by the £10 a day self-assessment fines From 1 May 2024, anyone who has not yet filed their overdue self assessment tax returns for 2022-23 will face an additional late filing penalty of £10 per day, up to a maximum of £900. This is in addition to the £100 late filing…
Read MoreScams Circulating as HMRC
Scams Circulating as HMRC Scams are not a new thing as we all know but we have been made aware of more scams recently. IF YOU RECEIVE ANYTHING FROM HMRC WHICH YOU HAVE NOT REQUESTED OR IS NOT HOW YOU USUALLY RECEIVE IT – STOP! A couple of examples; VAT Submission Scam We have been…
Read MoreChanges to the confirmation statement – from 5 March 2024
Changes to the confirmation statement – from 5 March 2024 Further changes have started to come into play as various aspects of the new Economic Crime and Corporate Transparency Act come into play. One of the first areas affected is the way you file your confirmation statement. Here’s what you need to know: Registered email…
Read MorePersonal tax – April 2024
Personal tax – April 2024 A number of changes have come into place from April 2024 that could affect your personal tax – an outline of the key changes are below. The dividend allowance will be cut to £500 on 6 April 2024 from the current allowance of £1,000. This will hit owner managed businesses…
Read MoreScottish taxpayers need to check they have an ‘S’ code
Scottish taxpayers need to check they have an ‘S’ code Anyone living in Scotland needs to make sure they are on an ‘S’ tax code to ensure they are paying the correct tax. Scottish rates are significantly higher for anyone earning over £43,663 with a 42% higher rate of tax, while those with incomes which…
Read MoreHMRC freezes director’s loan interest at 2.25%!
HMRC freezes director’s loan interest at 2.25%! Surprisingly, the official rate of interest (ORI) for beneficial loan arrangements like director’s loans will be frozen at 2.25% for the second year running. HMRC has confirmed that the official rate will not be increased for director’s loans outstanding throughout the tax year 2024/25 using the normal averaging…
Read MoreEssential tax rates and thresholds for 2024/2025
Essential tax rates and thresholds for 2024/2025 Please find below a guide to the main tax rates and allowances updated in the Spring Budget, showing the main changes that will come in from 6 April 2024. Tax rates for dividend income Dividends within 2024/25 2023/24 Basic rate band 8.75% 8.75% Dividend allowance £500 £1,000 Higher rate…
Read MoreChanges to tax benefits for furnished holiday lettings
Changes to tax benefits for furnished holiday lettings The 2024 budget included the announcement of tax benefit changes for those with furnished holiday lettings (FHL) which will mean that individuals operating FHL businesses will lose a number of tax benefits. Currently, interest incurred on loans for the purpose of a furnished holiday letting business are…
Read MoreGovernment AI tool is focused on dormant companies
Government AI tool is focused on dormant companies The government’s artificial intelligence (AI) fraud detection tool has been upgraded to include new data on thousands of dormant companies. In a new bid to clamp down on fraud, the government also plans to use AI to identify entities registering and bankrupting successive companies to avoid paying…
Read MoreDirector’s salary and dividends for 2024/25
Director’s salary and dividends for 2024/25 As business owners of a limited company, typically, the best way to pay yourself via your limited company is to take a low director’s salary and then top up your earnings with regular dividend payments. As tax thresholds and allowances often change at the start of a new tax…
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