Self-Assessment

Self-Assessment – What is a payment on account and do we have to pay it? When you start working for yourself as a sole trader, you do need to plan ahead for your ‘payments on account,’ which is an advance charge made against your future tax bill.  ‍Let us explain how this works? When you’re self-employed…

Unpaid tax on share sales Taxpayers are being warned to pay tax on any sales of shares that they have left off self-assessment tax returns or face the risk of a HMRC enquiry. HMRC has advised that it has analysed thousands of tax returns and identified people who have not paid capital gains tax on…

Getting your Self Assessment tax return filed early! Did you know that nearly 300,000 people submitted their self assessment tax return in the first week of the new tax year – so why not get in touch with us here at Kennedys Accounting and get yours filed too. So….what are the advantages of getting this…

High earners removed from Self Assessment The increase in the earnings income threshold to £150,000 means that over 300,000 taxpayers will be removed from the requirement to file a self assessment tax return with HMRC. Up until 6 April 2023, any taxpayers with earnings above £100,000 were required to file a tax return, even if…

Incorrect refunds of Voluntary Class 2 National Insurance payments Due to a delay by HMRC in processing self assessment tax returns for self employed taxpayers, this has resulted in the refund of some Class 2 national insurance contribution (NIC) payments by mistake. This has meant that some taxpayers have received refunds for NIC payments, which…

Online tool to check national insurance shortfalls If you have gaps in your national insurance payments dating back to 2006, you will be able to check online using a new HMRC tool to see if you need to make additional contributions. The ‘Check your State Pension forecast online tool’ is now live and is a…

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…

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…