Claims to reduce payments on account

Claims to reduce payments on account

by | Sep 12, 2024 | 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 and 31 July following the tax year. These payments on account are based on 50% each of...
Myths about self-assessment

Myths about self-assessment

by | Sep 12, 2024 | Income Tax

In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the 31 January 2025 deadline and clarifies some of the most widespread myths. The press release seeks to dispel the following myths: Myth 1:...
MTD for Income Tax draws closer

MTD for Income Tax draws closer

by | Sep 12, 2024 | Income Tax

The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in April 2026. The process will significantly adjust how businesses, self-employed individuals, and landlords engage with HMRC. The system will require businesses and...
Self-assessment deadlines 2023-24

Self-assessment deadlines 2023-24

by | 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...
Update on High Income Child Benefit Charge

Update on High Income Child Benefit Charge

by | 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...