Claims to reduce payments on account

Claims to reduce payments on account

by | Sep 12, 2024 | Income Tax

Self-assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on 31 January during the tax year and 31 July following the tax year. These payments on account are based on 50% each of...
Self-assessment deadlines 2023-24

Self-assessment deadlines 2023-24

by | Sep 5, 2024 | Income Tax

The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, a £100 penalty will be imposed, regardless of whether there is a tax liability or if any owed tax is fully paid by 31...
Advising HMRC about additional income

Advising HMRC about additional income

by | Aug 29, 2024 | Income Tax

There is an online tool available on GOV.UK that allows taxpayers to check if they need to advise HMRC about additional income they receive. The online tool can be found at...
Update on High Income Child Benefit Charge

Update on High Income Child Benefit Charge

by | Aug 22, 2024 | Income Tax

Changes to the High Income Child Benefit Charge (HICBC) came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged increased to £60,000 (from £50,000). The charge is calculated at 1% of the full Child Benefit award for every...
Do you have a personal tax account?

Do you have a personal tax account?

by | Aug 15, 2024 | Income Tax

HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and update their information in real time. The PTA can be used for many routine requests and services and help you bypass the need to call or write to HMRC. Every...
Paying tax via your tax code

Paying tax via your tax code

by | Aug 15, 2024 | Income Tax

You may be able to have tax underpayments collected via your tax code when you are in employment or in receipt of a company pension. Instead of paying off debts in a lump sum, money is collected in equal monthly instalments over the tax year. You can pay your...