HMRC is continuing to urge ‘side hustlers’ to complete tax returns
HMRC is continuing to urge ‘side hustlers’ to complete tax returns Under existing tax rules, as soon as you earn over £1,000 in a tax year through a ‘side hustle’ you will need to register with HMRC and file a self-assessment tax return. A side hustle can come in various forms, from creating monetised content,…
Read MoreAnother 500,000 people are now in the 45% tax bracket
Another 500,000 people are now in the 45% tax bracket Recent data released has shown that the number of additional taxpayers facing the 45% tax rate has increased rapidly since 2022-23, with more than 1.2m people now in this bracket. Percentage wise additional rate taxpayers now make up 3.1% of the total income of the…
Read MoreCompanies House ‘clean up’ is underway!
Companies House ‘clean up’ is underway! It has been reported that Companies House and the Insolvency Service have worked collaboratively to shut down thousands of companies thought to be involved in ‘illicit activities’, such as using fraud to incorporate businesses in the UK. By working together they have managed to catch up with 30 entities…
Read MoreLate payment penalties rise to 10%
Late payment penalties rise to 10% From this tax year, the slowest payers will face a ‘more than doubling’ in the penalty rate with no time to avoid this as the hike is already in place. As part of the push to close the tax gap, late payers will face a much tougher penalty regime…
Read MoreUnderstanding CITB Levy Returns: What You Need to Know!
Understanding CITB Levy Returns: What You Need to Know! A CITB (Construction Industry Training Board) Levy Return is an annual form that registered employers in the construction industry must complete and submit. The return assesses the amount of levy owed to the CITB, and the funds collected via the levy are used to fund training, such…
Read MoreHMRC expected to raise £255M in late payment interest
HMRC expected to raise £255M in late payment interest HMRC recently cut the late payment interest rate to 8.25% following the Bank of England’s 0.25% base rate cut in May but it is still historically as high as it was in 2007 at the time of the financial crash. With effect from 6 April 2025,…
Read MoreUpdates from Companies House as the Economic Crime and Corporate Transparency Act 2023 (ECCTA) continues its roll out!
Updates from Companies House as the Economic Crime and Corporate Transparency Act 2023 (ECCTA) continues its roll out! Companies House has published updated guidance on the circumstances in which a company can be struck off the register and dissolved, reflecting a number of recent reforms made ECCTA, which have been summarised below. Strike off by…
Read MorePros 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…
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