by | Jan 11, 2024 | Income Tax
A new press release from HMRC has highlighted that 49,317 taxpayers took the time to file their tax returns online over the New Year holiday. It is estimated that over 6.5 million taxpayers have already filed their tax returns for 2022-23. This leaves almost...
by | Jan 11, 2024 | Income Tax
Readers are reminded that if the dividends they draw from their company, when added to their other income, exceeds the basic rate Income Tax Band, then much higher rates of dividend tax will apply. The tax rates for dividends received (in excess of the current...
by | Jan 4, 2024 | Income Tax
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes your income over £100,000...
by | Dec 20, 2023 | Income Tax
HMRC’s self-assessment (SA) helpline will focus on priority queries from 11 December until 31 January. Whilst the helpline is focusing on priority calls in the run-up to the filing deadline, other enquiries will be directed to HMRC’s online digital...
by | Dec 14, 2023 | Income Tax
If you are having trouble paying your tax on time you may be eligible to receive support from HMRC by applying for an instalment payment plan. An online payment plan for self-assessment tax bills can be used to set up arrangements for paying tax liabilities of up...
by | Dec 14, 2023 | Income Tax
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is...
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