by Michele Fensom | Sep 5, 2024 | Income Tax
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, a £100 penalty will be imposed, regardless of whether there is a tax liability or if any owed tax is fully paid by 31...
by Michele Fensom | Aug 29, 2024 | Income Tax
There is an online tool available on GOV.UK that allows taxpayers to check if they need to advise HMRC about additional income they receive. The online tool can be found at...
by Michele Fensom | Aug 22, 2024 | Income Tax
Changes to the High Income Child Benefit Charge (HICBC) came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged increased to £60,000 (from £50,000). The charge is calculated at 1% of the full Child Benefit award for every...
by Michele Fensom | Aug 15, 2024 | Income Tax
HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and update their information in real time. The PTA can be used for many routine requests and services and help you bypass the need to call or write to HMRC. Every...
by Michele Fensom | Aug 15, 2024 | Income Tax
You may be able to have tax underpayments collected via your tax code when you are in employment or in receipt of a company pension. Instead of paying off debts in a lump sum, money is collected in equal monthly instalments over the tax year. You can pay your...
by Michele Fensom | Aug 8, 2024 | Income Tax
It was announced as part of the Spring Budget measures that the present favourable tax benefits presently allowed for the letting of properties as short-term holiday lets – known as the furnished holiday lettings (FHL) tax regime – is to be...
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