The Check your state pension forecast tool from HMRC and the Department for Work and Pensions (DWP) has been enhanced to make it a fully end-to-end solution where taxpayers can check their pension forecast and make voluntary payments. This allows the majority of taxpayers under state pension age to view gaps in their national insurance (NI) record […]
Government launches online voluntary NI payments tool Read More »
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 »
High earners with PAYE income over £150,000 will no longer have to file a self assessment tax return from 2025 HMRC has confirmed the removal of the self assessment filing threshold for individuals with income over £150,000 which is taxed via PAYE from tax year 2024 to 2025. These changes mean up to 338,000 taxpayers
PAYE only high earners removed from self assessment Read More »
The Chancellor has cut the rate of employee National Insurance by 2% to 10% to take effect in January, reducing total tax for basic rate taxpayers to 30% The new 10% rate will come into from 6 January and the average worker earning £35,400 a year will benefit from a £450 annual tax cut, improving
Autumn Statement 2023: National Insurance cut by 2% 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
