Reducing self-assessment payments on account

Reducing self-assessment payments on account

by | Aug 31, 2023 | Income Tax

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on: 31 January during the tax year e.g., for 2022-23 the first payment on account was due on 31 January 2023. 31 July...
Self-Assessment threshold change

Self-Assessment threshold change

by | Aug 31, 2023 | Income Tax

The £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.  ...
Checking your Simple Assessment tax bill

Checking your Simple Assessment tax bill

by | Aug 24, 2023 | Income Tax

Simple 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...
Do you need to submit a Self-Assessment tax return?

Do you need to submit a Self-Assessment tax return?

by | Aug 24, 2023 | Income Tax

There 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...
Claiming tax relief on employment expenses

Claiming tax relief on employment expenses

by | Aug 17, 2023 | Income Tax

If you are an employee that needs to buy substantial equipment to use as part of your employment you may be able to claim tax relief. In most cases you can claim tax relief on the full cost of this type of equipment. Tax relief is reduced if your employer provides a...