by | Dec 15, 2022 | Income Tax
The rent-a-room scheme is 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 not exceed £7,500. The tax exemption is automatic and...
by | Dec 1, 2022 | Income Tax
The Scottish rate of income (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. This means that Scottish taxpayers who also have savings and dividend income need to consider the UK rates as well as the Scottish rates...
by | Dec 1, 2022 | 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 e.g. for 2022-23 the first payment on account is due on 31 January 2023. 31 July...
by | Nov 24, 2022 | Income Tax
Chancellor Jeremy Hunt announced as part of the Autumn Statement measures that the Income Tax thresholds will be maintained at their current levels for a further two years until April 2028. This will see the personal tax allowance frozen at £12,570 through to...
by | Nov 24, 2022 | Income Tax
The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is set to commence from April 2024. This means that clients who have not yet prepared for the change have less than 18 months to choose and begin using approved software. MTD for...
by | Nov 17, 2022 | Income Tax
Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. An online payment plan for Self-Assessment tax bills can be...
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