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Pension tax relief at source
Posted on 31st Aug 2023You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance for 2022-23 was £40,000. You can claim tax relief on private pension contributions worth...[more]
Self-Assessment threshold change
Posted on 31st Aug 2023The £100,000 threshold for Self-Assessment change for taxpayers taxed through PAYE only, increased from £100,000 to £150,000 with effect from 6 April 2023. However, the Self-Assessment for 2022-23 tax returns remains at £100,000. Taxpayers who submit a Self-Assessment tax return for 2022-23 showing income between...[more]
VAT Deregistration: The nuclear option for supply chain investigations?
Posted on 29th Aug 2023In this article for HMRC: Enquiries, Investigations & Powers, Nicholas McLeman highlights HMRC’s ability to tackle VAT fraud throughout supply chains. The VAT fraud landscape As HMRC’s understanding of fraud and the approach of the Courts in dealing with fraud continues to evolve, landmark cases...[more]
Are you a company director?
Posted on 29th Aug 2023There is more to being appointed a company director than accepting the title. According to Companies House directors formal, statutory duties and responsibilities include: filing an annual confirmation statement; filing your company annual accounts - even if the company is dormant; notifying Companies House of any change in your...[more]
Giving money to charity in your Will
Posted on 24th Aug 2023A reduced rate of Inheritance Tax (IHT) of 36% (reduced from 40%) applies where 10% or more of a deceased’s net estate is left to charity. The lower rate applies where 10% or more of the ‘net value’ of the estate is left to charity....[more]
VAT supplies for no consideration
Posted on 24th Aug 2023In most cases, a supply of goods or services for VAT purposes is deemed to have taken place in return for consideration. This is usually payment in money but can also be of a “non-monetary” nature, such as goods or services supplied in return. There is...[more]
Checking your Simple Assessment tax bill
Posted on 24th Aug 2023Simple Assessment is a method by which HMRC can assess where additional Income Tax is due by a taxpayer. A Simple Assessment letter is usually issued to taxpayers with reasonable straight forward tax affairs. The Simple Assessment notice of liability does not require taxpayers to...[more]
On your bike tax-free
Posted on 24th Aug 2023The Cycle to Work scheme was introduced over 20 years ago to help promote the use of environmentally friendly modes of transport. The scheme allows employers to provide bicycles and cyclists’ safety equipment to employees as a tax-free benefit. The scheme must be offered to all...[more]
Class 2 and 4 NIC for the self-employed
Posted on 24th Aug 2023There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs. Class 2 NICs are paid by all self-employed taxpayers unless they earn under the Small Profits Threshold (SPT), currently £6,725,...[more]
Do you need to submit a Self-Assessment tax return?
Posted on 24th Aug 2023There are a number of reasons why you might need to complete a Self-Assessment return for the first time. This includes if you are self-employed, have an annual income over £100,000 and / or have income from savings, investment or property. Taxpayers that need to...[more]