Self Assessment forms are used to report income, calculate taxes and claim reliefs. All those completing a tax return must complete the main form, SA100. Depending on your sources of income, you may also need to complete supplementary Self Assessment forms to provide...
HMRC uses Self Assessment to collect Income Tax from employed and self-employed individuals. Your employer will automatically deduct tax from your earnings, if they are employing you. However, as a self-employed individual, it is your responsibility to report your...
Whether it’s a simple typo or forgetting details, errors can slip through the cracks. When it comes to your tax return, these mistakes can feel monumental, especially after the deadline has passed. However, amending your tax return can be an option, depending on...
Tax season can be one of the most stressful times for sole traders. With so many obligations and deadlines to manage, it’s easy to feel overwhelmed. A common concern is whether HMRC has processed your tax return. However, by using HMRC’s online services, the...
As the deadline for filing a Self Assessment tax return online fast approaches, HMRC is urging taxpayers to remain vigilant against scams. Scammers often take advantage of this time to target unsuspecting individuals with fake tax rebate offers or threats of...
For the 2023/24 tax year, the income threshold for filing a Self Assessment tax return has increased from £100,000 to £150,000 for taxpayers taxed solely through the PAYE (Pay As Your Earn) system. If your income through PAYE is below £150,000 and you do not meet any...
What is the DWP Christmas Bonus? The DWP provides a one-off £10 Christmas Bonus each December to qualifying individuals. Since it’s introduction in 1972, this payment has aimed to support those on certain benefits with the financial strain of the festive period....
Early Christmas PAYE Reporting During the Christmas period, many businesses close for several days or even weeks, prompting them to process payroll ahead of schedule. This change allows employees to receive their wages before the holidays, easing financial pressure....
Temporary Christmas Staff Businesses hire temporary Christmas staff, or “Christmas Temps,” during the holiday season to manage the increased workload and meet higher customer demand. Christmas Temps work on short-term contracts that usually last a few...
E-bikes are bicycles equipped with an integrated electric motor and battery. This motor assists the rider’s pedalling, making cycling less effort-intensive. While they still require pedalling, the electric assistance can provide a boost, especially when climbing...
Advisory Fuel Rates for Company Cars HMRC sets the Advisory Fuel Rates (AFRs) to guide employers in reimbursing employees for business travel in company cars. These rates ensure the reimbursements are tax-free, provided they accurately reflect the fuel costs incurred....
Company Cars and Vans The government detailed important updates in the recent Autumn Budget on taxing company cars and vans, with a particular focus on electric vehicles and low-emission options. Whether you’re considering a new company car or an electric...
Filing your Self Assessment tax return on time can help you avoid penalties from HMRC. These penalties can quickly add up, leaving you with more stress than just paying your tax bill. What Happens if You File Your Tax Return Late If you miss the Self Assessment...
QuickBooks Self-Employed App Removal Starting January 2025, the QuickBooks Self-Employed app will no longer be available for download from the App Store and Google Play. However, if you have already downloaded the app, you can continue using it as usual. It will...
Going Paperless with the HMRC App If you find yourself puzzled by the absence of your usual Self Assessment letter, you’re not alone. HMRC is reducing the number of paper communication it sends, encouraging taxpayers to manage their affairs digitally. If you’re...
Those who work as self-employed contractors will likely need to submit a Self Assessment tax return each year. This ensures that HMRC has a full view of the contractors income so they can calculate the appropriate tax. Do Contractors Need to Submit a Self Assessment?...
Contrary to popular belief, directors do not automatically need to register for Self Assessment. The need to register largely depends on the nature of your income. If you are a director with untaxed income, such as dividends from shares in your own company, you need...
HMRC introduced a new VAT Penalty System on 1st January 2023. This system replaced the old default surcharge regime and introduced a clearer, points-based approach to late submissions and payments. Businesses that understand this system can protect themselves from...
The VAT threshold is the maximum amount of VAT-taxable turnover your business can earn in any rolling 12-month period before you are legally required to register for VAT. As of 1st April 2024, the threshold is £90,000. HMRC has confirmed this figure will remain...
VAT, or Value Added Tax, is a consumption tax that businesses charge on most goods and services. Businesses collect the tax on behalf of the government by adding it to the price of their products and services. Customers pay this tax and businesses pass it onto HMRC....
Business Asset Disposal Relief Business Asset Disposal Relief is a tax scheme which helps business owners keep more of their profits when selling assets. Instead of paying the full 20% Capital Gain Tax (CGT) rate, BADR cuts it to 10% on gains from the sale of assets...
The Autumn Budget 2024 The 2024 Autumn Budget brings changes across wages, business taxes and public spending. Here’s an easy breakdown by category to help you understand what’s new and how it may impact you. Employers National Insurance Contributions The government...
What is Deferred Income? A business generates deferred income, sometimes called “unearned income”, when it receives payment in advance for something it has not yet delivered. Officials consider the income “deferred” because the business has not...
Back in the Spring Budget 2024, the government announced the abolition of the Furnished Holiday Let (FHL) Tax Regime. Now, as of April 2025, the abolition has fully come into effect. From this date, HMRC will treat all income from these types of properties under the...
