And ultimately, it could be a matter of giving a single figure for your allowable expenses or providing a detailed breakdown on your tax return. Either way, you should accurately work out your expenses in case HMRC comes back with questions. ...
National Insurance rates rose for higher rate tax payers. And the wheeze that slashed the personal allowance for those earning over £100,000 was introduced. True, the additional rate of income tax was cut from a short-lived 50% to 45% in 2013. And eventually both the personal allowance ...
If you are either classed as a tax resident in the UK or receive an income in the UK (for example from renting out a property), you will normally receive a personal tax allowance on your UK income of £12,570 for the tax year 2023/24. This means that, under normal circumstances, ...
An important part of our tax strategy is the maintenance and development of a co-operative and proactive working relationship with HMRC. We engage with HMRC with honesty, integrity, respect and fairness, and in a transparent manner. Wherever possible, we do so on a real time basis. This UK...
Woke up this morning to see that I had two messages sent at 2am when I opened them found out they were informing me that I owed HMRC with the amount stated the problem with this was it was pertains to the 23-24 tax year! They were a repeat of notifications previously received a year...
If you have never submitted a self-assessment tax return before and need to do so for the first time, you’ll need to inform HM Revenue & Customs (HMRC) by 5 October following the end of the applicable tax year. Failure to do so could result in a fine. Self-employed income tax rate...
Below we explain how to report savings income to HMRC proactively and we also reveal one of the top ways to put money aside tax free. Will you breach your personal savings allowance? “A basic-rate taxpayer can earn up to £1,000 in interest on savings without paying tax on it. This...
Therefore if you earn less than £9,540 a year then it is a no-brainer to transfer this allowance over to your partner. However, your partner must not be in the higher rate tax bracket for the transfer to be allowed. Also, HMRC have not yet declared how this transfer will take ...
The UK government for its part has implemented legislation to give effect to the above deferral on the full six month basis[1]. The amended regulations take effect from 30 July 2020 and HMRC has advised no action will be taken for non-reporting during the period between 1 July and the dat...
and the HMRC expected a significantly higher volume of customs declarations, posing a challenge to documenting and reporting all the required information for tax collection. Anticipating this challenge, HMRC sought an application that could scale in-line with the additional influx of declarations, while...