Self-Assessment
Over 100,000 people have been ‘dragged’ into the 60% tax trap!
Over 100,000 people have been ‘dragged’ into the 60% tax trap! The number of people that have been pulled into 60% tax has increased by 18% to around 634,000 in the last 12 months, while over four million now pay higher rate tax. The reported figure, which is up from 537,000 in 2023, shows the…
Read MoreLess than 50 days to go to file your personal Self Assessment Tax return for 2023/24
Less than 50 days to go to file your personal Self Assessment Tax return for 2023/24 With Christmas and New Year celebrations on the horizon, getting stuck into paperwork is likely one of the last things you are wanting to do and if you have a personal self assessment tax return to complete – you…
Read MoreCrypto Investors beware!
Crypto Investors beware! The number of adults in the UK owning a form of cryptocurrency continues to increase, as well as the average amount held, but – BEWARE – a lack of regulations means it is still a high-risk investment. With 93% of the UK population now being aware of cryptocurrency, the concern is that…
Read MoreBudget 2024 – Tax thresholds to increase in 2028
Budget 2024 – Tax thresholds to increase in 2028 The chancellor announced in the budget that the personal tax thresholds for income tax and National Insurance will rise in line with inflation in 2028/29 for the first time since the 2020/21 tax year, which will finally release the fiscal drag which is pulling millions of…
Read MoreThe importance of declaring all of your income on your Self Assessment
The importance of declaring all of your income on your Self Assessment It is usual practice when you are working with an accountant for them to send out a ‘checklist’ before they complete your personal tax return to ensure all sources of income are included. Just because they may have been working with you for…
Read MoreBudget 2024 – Stamp Duty changes
Budget 2024 – Stamp Duty changes The ‘temporary’ cut to Stamp Duty Land Tax (SDLT) will end on 31 March 2025 which will lower the property limit for first-time buyers to qualify for stamp duty reduction. The temporary discounts were introduced originally in the Mini Budget of September 2022 and under the current discounts, first-time…
Read MoreHMRC is changing the way employees can claim PAYE employment expenses
HMRC is changing the way employees can claim PAYE employment expenses From 14 October 2024, HMRC will be requiring employees to claim PAYE employment expenses using a P87 form, which means that you will need to provide supporting evidence to prove the eligibility of the expenses before the claim will be progressed. Employees can still claim this…
Read MoreAre you selling online? Do you know if you need to do a personal tax return?
Are you selling online? Do you know if you need to do a personal tax return? The Low Income Tax Reform Group (LITRG) has allegedly warned HMRC that they need to increase publicity about new online platform reporting rules which will give HMRC access to a database of information about online sales. New rules, as…
Read MoreFurnished holiday lettings (FHL) tax regime will be changing from April 2025
Furnished holiday lettings (FHL) tax regime will be changing from April 2025 The tax advantages that landlords who offer short-term holiday lets have over those who provide standard residential properties, such as buy to let long-term tenancies is coming to an end. From April 2025 income and gains from a FHL will form part of…
Read MoreMore than half a million UK taxpayers caught in 60% tax
More than half a million UK taxpayers caught in 60% tax The number of taxpayers paying 60% tax on a proportion of their income was 537,000 in 2022-23, which is up 23% from 436,000 in 12 months. The current income tax system means that people earning between £100,000 and £125,140 pay 60% income tax on…
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