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Payroll Settlement Agreements (PSA)
A payroll settlement agreement (PSA) is used by employers to declare and pay the tax and NIC due on benefits that they don’t want the
Planning for Retirement
On 6 April 2023, the pensions annual allowance increased from £40,000 to £60,000, and the pensions lifetime allowance was effectively abolished. You can now contribute
Planning Your Profit Extraction
In his Autumn statement in November 2022 Chancellor Hunt announced cuts to the dividend allowance and the additional tax rate threshold, where individuals start to
Plugging NIC Gaps
Many people don‘t realise that they have significant gaps in their National Insurance Contribution (NIC) record, and as a result they won‘t be entitled to
Record Self-Assessment Returns, but Estimated 1m Miss Deadline
The record number of taxpayers submitting Self-Assessment tax returns was beaten in January, it’s been revealed, with a new high of 11.5million being reached. That’s
Reeves Under Pressure to Create Wealth Tax
The financial pressures facing Chancellor Rachel Reeves continue to mount, particularly regarding a projected £57 billion shortfall in the country’s finances. Public sentiment is shifting
Reeves Urged to Launch Tax Raid on Landlords
Labour MPs and influential advisers are urging Chancellor Rachel Reeves to “launch a tax raid” on landlords as part of efforts to fill a fiscal
Relief for Mortgage Interest on Let Properties
As an individual landlord you can‘t deduct finance costs, including interest, from your residential property rents for tax purposes. Instead, you get tax relief for
Renting Out a ‘Spare’ Room
The children are gone and there is an unoccupied ‘spare’ room. Apart from using the room as extra storage, renting it out is another option
Reporting Crypto Profits and Losses
HMRC defines crypto assets as: “cryptographically secured digital representations of value or contractual rights that can be transferred, stored, and traded electronically”. The various ‘tokens’
Reporting Residential Property Gains – The Timing is Tight
A chargeable gain may arise on the sale, disposal or transfer of a residential property if that property has not been the seller’s only or
Revealed – UK’s Biggest Deliberate Tax Defaulters
HMRC has named over 4,000 deliberate tax defaulters since 2015, collectively owing more than £1.5 billion. These individuals or firms were penalised for deliberate errors
Saving Tax on Purchasing a Second Property
Q. We have just purchased a second property, which we intent to occupy at weekends to escape the hectic city life. We’re both in our 50s
Scammers Target Self-Employed with Fake Tax Refund Promise
A surge of bogus tax refund phishing scams is feared by HMRC officials. The Government body has warned self-employed people to watch out for fraudsters
Scotland Creates New Higher Income Tax Band
Scottish taxpayers earning more than £75,000 are set to pay a new higher rate of 45% from 2024-25. The Scottish Government has announced the change
Seasonal Staff Warning from HMRC
Many businesses across the UK have peaks and troughs in their trade, depending on the season. And some, as a result, have to take on
Selling my business before the new tax year to save tax. So, 2010/11?
I was trying to sell my business before the new tax year, to avoid a potentially large tax bill from an increase in the rate
September Key Tax Dates 2022
1 – Corporation Tax payment 30 November 2021 year end New rates published for Advisory fuel rates for company car drivers Trust Registration Service: deadline to
September Key Tax Dates 2025
1st Corporation Tax payments are due for companies with a year-end of 30th November. 19th For employers operating PAYE, this is the deadline to send
September Key Tax Deadlines 2024
5th Self-Assessment Registration Deadline: if you’ve become self-employed or earned other untaxed income during the 2023-24 tax year, you must register for self-assessment by this