Category: Accountancy

100 Days Left to File Your Self Assessment Tax Return – Don’t Wait Until the Last Minute!

Posted on by Samantha Nicholson

With only 100 days remaining until the 31 January deadline, it’s time to start thinking about your Self Assessment tax return. The clock is ticking, and if you haven’t filed your return or paid any tax owed yet, it’s important to get started now. At this point, over 3.5 million people have already submitted their Read more about 100 Days Left to File Your Self Assessment Tax Return – Don’t Wait Until the Last Minute![…]

Budget summary – Wednesday 6 March 24

Posted on by Samantha Nicholson

Today, Wednesday 6 March 2023, The Chancellor laid his ‘Budget for Long Term Growth’. Here are some of the key points from the budget: Income Tax No changes announced, a brief reminder of current position: Your personal allowance remains at £12,580. The point at which individuals pay the additional rate is still planed to be Read more about Budget summary – Wednesday 6 March 24[…]

March is top month for Marriage Allowance claims

Posted on by Samantha Nicholson

HMRC has today revealed that March is the most popular month for Marriage Allowance applications, with almost 70,000 couples applying in March last year. And with the option to backdate their claim for the previous 4 tax years, eligible couples could receive a lump-sum payment worth more than £1,000, in addition to reducing their tax Read more about March is top month for Marriage Allowance claims[…]

The Countdown is on for 5.7 million customers to file their tax return

Posted on by Samantha Nicholson

With less than a month to go to the Self Assessment deadline, HM Revenue and Customs (HMRC) is urging nearly 5.7 million customers to file their tax return for the 2022 to 2023 tax year. HMRC data shows almost 6.5 million customers have already beaten the Self Assessment clock by filing their tax return including Read more about The Countdown is on for 5.7 million customers to file their tax return[…]

MTD for Income Tax for Self Assessment (ITSA) pushed back until April 2026

Posted on by Samantha Nicholson

On 19th December the government announced that the first phase of Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) will not be mandated until April 2026. Prior to this announcement, the mandatory use of software to remain compliant was set for April 2024. You can read HM Revenue & Customs announcement in full Read more about MTD for Income Tax for Self Assessment (ITSA) pushed back until April 2026[…]

Budget summary – Thursday 17 November 22

Posted on by Samantha Nicholson

On 17 November 2022, The Chancellor laid out three core priorities of stability, growth and public services in the Governments 3rd budget in as many months. Here are some of the key points from the budget: Income Tax The previously announced reduction of income tax from 20% to 19% from April 2023, has been postpone Read more about Budget summary – Thursday 17 November 22[…]

Update from the Mini Budget

Posted on by Samantha Nicholson

This morning, Jeremy Hunt has scrapped nearly all tax cuts announced in last month’s mini-budget, which include removing a proposed cut to corporation tax and a deferred 1p cut to income tax Mr Hunt, who replaced Kwasi Kwarteng as Chancellor on Friday, brought forward his fiscal statement by two weeks in an attempt to stabilise Read more about Update from the Mini Budget[…]

Mini budget summary – Friday 23 September 22

Posted on by Samantha Nicholson

Update: 17 October 2022 This morning, Jeremy Hunt has scrapped nearly all tax cuts announced in last month’s mini-budget, which include removing a proposed cut to corporation tax and a deferred 1p cut to income tax. Here are some of the key points from the mini budget of 23 September 2022: National Insurance In September Read more about Mini budget summary – Friday 23 September 22[…]

HMRC starts chasing up SEISS overpayments

Posted on by Samantha Nicholson

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants. From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid. Entitlement to the fourth and fifth SEISS grants can be Read more about HMRC starts chasing up SEISS overpayments[…]