The Chancellor will increase the high income child benefit charge threshold from £50,000 to £60,000 from April 2024 In a major overhaul of the scheme the criteria will be changed to a household rather than an individual basis by April 2026. The rate at which HICBC is charged will also be halved so that child […]
Budget 2024: High Income Child Benefit Charge up to £60k Read More »
In a move to support the housing market, at the Budget the Chancellor cut capital gains tax on sales of second homes and additional residential properties to 24% This will see a reduction in the current higher CGT rate from 28% to 24% from April 2024, which will affect owners of second homes and buy
Budget 2024: CGT for landlords cut by 4% Read More »
In a bid to support small business and sole traders, the Chancellor has increased the current £85,000 VAT threshold to £90,000 The £90,000 threshold will come in from 1 April, the first increase since 2017, although at £5,000 it is not likely to shift the dial. The move is designed to support businesses and sole
Budget 2024: VAT threshold increased to £90k Read More »
HMRC has issued guidance on how to work out transition profit for the 2023 to 2024 tax year under basis period reform The change in reporting for the self employed and partnerships comes into effect from April for those who do not follow the standard accounting year end between 31 March and 5 April. Under
HMRC clarifies how to work out transition profit Read More »
After just one week, the government has backtracked on plans to classify double cab pickup trucks as cars, which would have resulted in huge tax hikes HMRC announced the change on 12 February with updates to guidance, stating that from 1 July 2024, double cab pickups with a payload over one tonne were going to
Treasury u-turns on double cab pickup tax Read More »
If you haven’t already done so, you only have a couple of days to make a payment. Remember you only have until 31 January 2024 to do this, so we’re here to give you any last-minute support you may need. If, however, you’ve already paid, set up a Direct Debit or chosen to pay through
It’s almost time to pay your tax bill Read More »
There are 100 days to go until the deadline for filing your Self Assessment return online. But there’s no time like the present to complete your tax return. You need to file your return by 31 January 2024. But filing your return early means you can find out how much you owe, and help you budget
HM Revenue and Customs (HMRC) is reminding anyone who is new to Self Assessment for the 2022 to 2023 tax year that they have just 2 weeks until 5 October to tell HMRC and register. New Self Assessment customers could be someone who has set up a side hustle to earn money in addition to
Its Time to Register for Self Assessment, Says HMRC Read More »
If someone has had a change in circumstances, then they might need to complete their first ever Self Assessment tax return for the 2022 to 2023 tax year, HM Revenue and Customs (HMRC) is reminding people. Taxpayers can use the quick and easy free online checking tool on GOV.UK and register with HMRC by 5 October if
Do you need to complete a Self Assessment tax return this year? Read More »
The payments on account deadline is 31 July so it is important to ensure that payments are made on time or an alternative arrangement is negotiated with HMRC. What are payments on account? For those who are self-employed, payments on account are a requirement. This means you must make advance payments for your tax bill
With two weeks to go until the second payments on account deadline for tax bills Read More »
