Closing the door on tax planning

by tiemadmin | Nov 14, 2023 | Income Tax

When the end of a tax year passes, the 5 April 2024 for the current year, or the end of an accounting year if a company, any opportunity to take advantage of tax planning strategies closes. For example, if the purchase of plant or other qualifying equipment is made...

Loss of personal tax allowance

by tiemadmin | Oct 25, 2023 | Income Tax

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes your income over £100,000...

Self-Assessment scam warning

by tiemadmin | Oct 25, 2023 | Income Tax

Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for the submission of Self-Assessment returns for the 2022-23 tax year. In the 12 months to September 2023, HMRC received more than 130,000 reports of suspicious contact of...

Countdown to Self-Assessment filing deadline

by tiemadmin | Oct 25, 2023 | Income Tax

There are now less than 100 days to file your 2022-23 Self-Assessment tax return online. The deadline is 31 January 2024. The deadline for paper returns ended on 31 October 2023. You should also be aware that payment of any tax due should also be made by...

How dividends are taxed

by tiemadmin | Oct 19, 2023 | Income Tax

Dividends received are taxed as income but the rates of tax applied are different to the formal Income Tax rates. Also, individuals can receive dividends up to the annual dividend allowance tax free. The annual dividend allowance for 2023-24 is £1,000. The...

Deadlines 2022-23 Self-Assessment tax return

by tiemadmin | Oct 12, 2023 | Income Tax

The 2022-23 tax return filing deadline for taxpayers who continue to submit paper Self-Assessment returns is 31 October 2023. Late submission of a Self-Assessment return will incur a £100 late filing penalty. The penalty usually applies even if there is no...