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Pros and cons of PAYE salary, dividends or a combination of both – what is best for company directors?
Pros and cons of PAYE salary, dividends or a combination of both – what is best for company directors? With several tax changes coming into play, have you considered and discussed with your accountant the plan for this tax year (2025/26). So, to start with, let’s look at some of those important changes which may…
Read MoreHMRC has increased late payment interest
HMRC has increased late payment interest HMRC has updated its guidance to reflect the 1.5% increase in the late payment interest percentage that is now in force. Late payment interest is charged from the first day that a tax debt is overdue until the day it is paid in full. It has been calculated at…
Read More£20K threshold for Making Tax Digital Self Assessments expected from 2028
£20K threshold for Making Tax Digital Self Assessments expected from 2028 The government is looking at extending Making Tax Digital (MTD) to those with an income of less than £20,000, which it wants to pull into the MTD system, forcing them to report quarterly and buy software specifically for the purpose. As part of the…
Read MoreBanks will have to give 90 days’ notice to close business bank accounts
Banks will have to give 90 days’ notice to close business bank accounts Legislation is now in force to protect millions of small business owners from having their bank account closed without notice or adequate reason, following the introduction of new rules which protect consumers. The legislation has been introduced to curb the debanking that…
Read MoreHMRC are moving communications to email and text to cut postage costs!
HMRC are moving communications to email and text to cut postage costs! For a long time HMRC has said it is ‘committed to modernising HMRC to become a digital first organisation’ and therefore it is looking to move contacting taxpayers via email and SMS, advising that this move will save £50m a year by 2028-29.…
Read MoreWhy is it important to file your Self-Assessment early this year?
Why is it important to file your Self-Assessment early this year? Over 300,000 people filed their tax return in the first week of the new tax year, almost 10 months ahead of the 2024-25 deadline. With Making Tax Digital (MTD) for Self-Assessment just around the corner, this will be the last year that a straightforward,…
Read MoreHMRC is keeping an eye on Crypto currency gains
HMRC is keeping an eye on Crypto currency gains HMRC is warning anyone who is holding crypto currency over long periods and making a gain that they will be liable for tax on their profits. Not only will taxpayers have to declare when they have sold tokens for a profit, but also when assets are…
Read MoreHMRC advise – Unique Tax Reference (UTR) numbers are no longer available via the telephone!
HMRC advise – Unique Tax Reference (UTR) numbers are no longer available via the telephone! With effect from 6 May 2025, HMRC will no longer confirm a taxpayer’s UTR number over the phone, either to taxpayers themselves, or to their authorised agents who are calling on behalf of their clients. This move, which is designed…
Read MoreOver 1 million savers have been hit by tax on savings
Over 1 million savers have been hit by tax on savings HMRC is writing to taxpayers to tell them their savings will incur tax, which is an annual activity and is part of their mission to ‘help people’ to pay the right amount of tax. Now the 2023-24 tax year is closed with self assessment…
Read MoreMaking Tax Digital and Self Assessments – Kennedys Accounting are ready to help
Making Tax Digital and Self Assessments – Kennedys Accounting are ready to help Have you had a letter from HMRC? Over the coming years many personal tax payers with income from self-employment and property (landlords) will need to change the way they report income and expenses to HMRC. If you find yourselves in the following…
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