Marriage 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 MoreVAT penalties when payments are 31 days late or more!
VAT penalties when payments are 31 days late or more! HMRC have updated the guidance about how to settle VAT payments which are overdue by 31 days or more when penalties come into play. Since the VAT accounting periods starting on or after 1 January 2023, late payment penalties have applied to late VAT payments.…
Read MoreTax Code changes in the Scottish Budget
Tax Code changes in the Scottish Budget The finance minister for the Scottish government, has set out her tax and spending plans for Scotland for 2025-26 with a commitment to a 3.5% rise in the two key tax thresholds, affecting the majority of taxpayers. The Scottish government advised that the decision to increase thresholds was…
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…
Read MoreHike in Scams targeting taxpayers
Hike in Scams targeting taxpayers HMRC has urged taxpayers to be particularly cautious about refund scams as the 31 January tax return deadline draws closer, with over 145,000 scam referrals for fake rebates and demands identified in the last 12 months. Fraudsters are continuing to target people with offers of tax refunds or demanding payment…
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 MoreCompanies House to start rollout of ID verification from early 2025
Companies House to start rollout of ID verification from early 2025 Companies House has issued a timeline for ID verification, which will affect more than seven million company directors and PSC’s who in the future will have to provide proof of their identity before filing information on the register to reduce abuse and fraud. The…
Read MoreReal time reporting of Benefits in Kind from April 2026
Real time reporting of Benefits in Kind from April 2026 In last month’s budget, the government announced some updates to the January 2024 proposals, which need to be taken into account for the 2025-26 tax year. From April 2026 there will be a phased introduction of the new reporting requirements, where Employers will be required…
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