Self Assesment
Self-Assessment Payments on Account
Self-Assessment Payments on Account Payments on account are advance tax payments towards the current tax year based on your tax liability from the previous year's tax return. For instance, if you've just filed your 2023-24 tax return, your tax ...
Registering for Self-Assessment
Do you need to complete a self-assessment tax return? There are usually two situations where a tax return is required: a) HMRC ask you to submit one b) You have a tax liability due to untaxed income (such as rental income, interest or dividends above ...
High Income Child Benefit Charge - 2024-25
These rules are for the 2024/25 tax year after the recent changes to the child benefit thresholds. Please see here for the previous tax year 2023-24. The Child Benefit High Income Charge If you or your spouse have an adjusted income over £60,000, you ...
Taxation of dividends
What are dividends Dividends are payments made by a company to its shareholders, typically as a distribution of profits. When you own shares in a company, you essentially own a portion of that company. Dividends are a way for the company to share its ...
Personal Pension Contributions
Personal Pension Contributions Can Save Tax Paying into a pension is often one of the easiest ways to reduce your personal tax liability. If you have a limited company, please see our article here before considering making any contributions ...
Do I need to submit a tax return to HMRC?
There are three scenarios where you may need to submit a Tax return. 1) You have untaxed income. This could be, for example, dividends from your company, sole trade income or rental profits. You should also consider the high income child benefit ...
Introduction to Capital Gains Tax
Capital gains Introduced in 1965, Capital Gains Tax (CGT) is a tax on the gains made on the disposal of assets made by UK taxpayers. There are some exemptions, particularly surrounding land and property. All land and property are subject to UK CGT ...
Self assessment penalty regime
We would like to draw to your attention the penalties for late filing of Tax Returns and late payment of income tax. Please see the following link to HMRC guidance in this matter. All tax payers who file their Tax Return after the filing date of 31 ...
Marriage allowance - transfering personal allowance to spouse
Marriage allowance lets you transfer 10% of your personal allowance to your spouse. To benefit as a couple, you need to earn less than your partner and have an income of £12,570 or less. Your partner’s income must be between £12,571 and £50,270. The ...
Property Income
Property Income If you are receiving property income outside a company, you must include this on your self-assessment tax return. If you still need to register for self-assessment, you must do this before October, following the end of the 5 April tax ...
Taxation of property income
Taxation of Property Income The principles surrounding the taxation of property income held personally are broadly similar to that of other types of income, but there are differences, particularly if this is your first period with letting income. The ...
High Income Child Benefit Charge - up until 5 April 2024
These rules are for the tax year ending 5 April 2024 only. The rules are different from 6 April 2024. The Child Benefit High Income Charge If you or your spouse have an adjusted income over £50,000, you may be required to repay child benefit. You ...