High earners removed from Self Assessment
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…
Read MoreIncorrect refunds of Voluntary Class 2 National Insurance payments
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…
Read MoreCompanies House changes to registered office addresses….
Companies House changes to registered office addresses…. The Economic Crime and Corporate Transparency Act continues to be embedded with the next change coming into effect meaning that businesses will no longer be able to use PO Box numbers as a registered office address on the Companies House register. Companies must now have an ‘appropriate address’…
Read MoreOnline tool to check national insurance shortfalls
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…
Read MoreDon’t get caught out by the £10 a day self-assessment fines
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…
Read MoreScams Circulating as HMRC
Scams Circulating as HMRC Scams are not a new thing as we all know but we have been made aware of more scams recently. IF YOU RECEIVE ANYTHING FROM HMRC WHICH YOU HAVE NOT REQUESTED OR IS NOT HOW YOU USUALLY RECEIVE IT – STOP! A couple of examples; VAT Submission Scam We have been…
Read MoreChanges to the confirmation statement – from 5 March 2024
Changes to the confirmation statement – from 5 March 2024 Further changes have started to come into play as various aspects of the new Economic Crime and Corporate Transparency Act come into play. One of the first areas affected is the way you file your confirmation statement. Here’s what you need to know: Registered email…
Read MorePersonal tax – April 2024
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…
Read MoreScottish taxpayers need to check they have an ‘S’ code
Scottish taxpayers need to check they have an ‘S’ code Anyone living in Scotland needs to make sure they are on an ‘S’ tax code to ensure they are paying the correct tax. Scottish rates are significantly higher for anyone earning over £43,663 with a 42% higher rate of tax, while those with incomes which…
Read MoreHMRC freezes director’s loan interest at 2.25%!
HMRC freezes director’s loan interest at 2.25%! Surprisingly, the official rate of interest (ORI) for beneficial loan arrangements like director’s loans will be frozen at 2.25% for the second year running. HMRC has confirmed that the official rate will not be increased for director’s loans outstanding throughout the tax year 2024/25 using the normal averaging…
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