Self-Assessment
Higher Rate Tax Payers up 43% in the last 3 years
Higher Rate Tax Payers up 43% in the last 3 years In total 2.5m taxpayers will have to pay higher and additional rate tax for the first time, with the situation unlikely to improve before 2029 at the earliest, based on the latest freeze extension announced at the Budget. There will be 6.3m higher rate…
Read MoreAre there any acceptable excuses for not submitting your Self Assessment on time!
Are there any acceptable excuses for not submitting your Self Assessment on time! HMRC could rake in up to £100m from taxpayers failing to submit their tax returns by 31 January 2025. Penalties for late filing are issued automatically, and taxpayers can appeal them if they have a reasonable excuse. However, what classifies as ‘reasonable’…
Read MorePaying your self-assessment tax return – what do I need to consider?
Paying your self-assessment tax return – what do I need to consider? The deadline for paying your self-assessment tax bill is 31 January 2025 for the 2023/2024 tax year. If you have already paid your bill or you did not have any tax due, there is nothing else for you to do. Your Self-assessment personal…
Read MoreHMRC to replace Government Gateway accounts with One Login
HMRC to replace Government Gateway accounts with One Login The government is investing millions of pounds in a single login system for taxpayers and agents using online services with the launch of GOV.UK One Login. The new login service which will have two factor authentication and will be rolled out across all government web services…
Read MoreWith only 2 weeks to go until the self-assessment deadline on Friday 31 January, here are some tips for working on your tax return
With only 2 weeks to go until the self-assessment deadline on Friday 31 January, here are some tips for working on your tax return Whether you are an individual taxpayer or a sole trader, it is important to gather all the right information in advance of sending the information to your accountant for them to…
Read MoreHow did you spend your Christmas?
How did you spend your Christmas? On Christmas Day, an impressive 4,400 people filed their tax return. On Christmas Eve, another 23,730 filed their tax return… Then on Boxing Day another 11,930 decided to file their tax return, with over 1,100 filing between 4 and 5pm. This means that over these 3 days, HMRC received…
Read MoreMarriage Allowance for Self-Assessment Tax Returns
Marriage Allowance for Self-Assessment Tax Returns As the deadline for self-assessment tax returns edges closer, the complicated process for anyone who claims marriage allowance to follow, related to timings, is proving difficult for many. Here at Kennedys Accounting, we are experienced in complex self-assessments and are happy to assist with your return, the following information…
Read MoreData sharing between HMRC and online platforms from HMRC is NOT a new tax!
Data sharing between HMRC and online platforms from HMRC is NOT a new tax! Despite a supposed ‘uproar’ earlier this year after the mandatory requirement for online platforms to share data with HMRC about their users’ sales, there will be no new tax changes for influencers, and those selling online. HMRC are launching a publicity…
Read MoreOver 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…
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