Cash-basis default position for self-employed

by tiemadmin | Jan 2, 2025 | Income Tax

The cash basis is now the default for self-employed income reporting. Learn about the key updates, opt-out options, and how this simplified method can ease your self-assessment obligations with HMRC. The cash basis is used by sole traders and other unincorporated...

Spreading tax payments by using Time to Pay

by tiemadmin | Dec 19, 2024 | Income Tax

Can’t pay your tax bill in full by 31 January 2025? HMRC’s online Time to Pay system lets self-assessment taxpayers spread the cost over monthly instalments. With plans available for tax bills up to £30,000, this flexible option can help you avoid...

Claiming Child Benefits online

by tiemadmin | Dec 19, 2024 | Income Tax

Over one million parents have now claimed Child Benefit online or via the HMRC app, with 87% of new claims using this speedy service. If you've recently had a baby or a child joins your family, applying online ensures you get support quickly—right when you...

Are you eligible to claim the Marriage Allowance?

by tiemadmin | Dec 12, 2024 | Income Tax

Could you save up to £1,260 in tax this year? If one of you earns less than £12,570, the Marriage Allowance lets couples transfer unused personal allowances. Don't miss out on this easy tax break! The Marriage Allowance applies to married couples and...

No tax changes for online sellers

by tiemadmin | Dec 12, 2024 | Income Tax

Selling online? From 2024, digital platforms must report your information to HMRC if sales exceed £1,700 or 30 goods a year. Casual sellers are exempt, but regular traders may need to register for Self-Assessment. New rules, which became effective from 1...

Scottish Budget Statement 2025-26

by tiemadmin | Dec 12, 2024 | Income Tax

Scotland’s 2024 Budget delivers on public priorities with investments in services, poverty reduction, and economic growth. Tax rates stay frozen, but bands shift to protect low incomes. A hopeful step forward for Scotland’s future! Scotland’s Deputy...