10 UK Tax Deductions Individuals Often Overlook
December 19, 2024
When it comes to taxes in the UK, many individuals focus on the obvious deductions like personal allowances and pension contributions. However, there are several lesser-known tax breaks that could save you a significant amount of money.Here’s a quick rundown of 10 tax dedu...
Self Assessment Payments on Account - When and Why ?
December 5, 2024
What is a Payment on Account?A payment on account is essentially a way for HM Revenue & Customs (HMRC) to collect income tax and Class 4 National Insurance Contributions (NICs) in advance. It’s based on your previous year’s tax bill and ensures that you spr...
Increase to Employer NIC (TAX) – the impact on your business
November 21, 2024
Significant changes were outlined in the recent Budget concerning the Employer National Insurance Contributions (NIC), the reduction of the ‘Secondary Threshold’ (ST) as well as Employment Allowance adjustments.Starting in April 2025, and compounded by the increase ...
In the Autumn 2024 Budget, the UK government confirmed plans to reintroduce taxes on double cab pick-up trucks used as company cars, a policy set to take effect in April 2025.This move, which was originally proposed by the Conservative Party in the March 2024 Budget but late...
Reviewing National Minimum Wage Increases From April 2024
March 26, 2024
From April this year, employers across the UK will need to review their hourly rates of pay and make adjustments where necessary to reflect the latest increase to the National Minimum Wage alongside changes to the National Living Wage.The National Living Wage, whic...
From 1st May onward, British companies filing various documents, forms, and declarations will need to pay higher charges due to an uplift of the Companies House fee schedule. While the filing costs remain nominal, some have risen by as much as 300% or more, which may impact ...
How to Set Up an HMRC Payment Plan for Self-Assessment Income Tax
January 26, 2024
As the deadline for 2022/23 self-assessment tax returns and payments draws closer, you must take pre-emptive action if you cannot pay your obligations on time. HMRC normally issues a reminder letter initially if your tax return or payment is not received by 31st January.Howe...
Guide to Making Self-Assessment Income Tax Payments on Account
November 30, 2023
If you’re self-employed or work as a sole trader, you might have just received your HMRC income tax statement, showing a final payment due on 31st January for the 2022/23 tax year and your first payment on account, due on the same date, for 2023/24.Payments on account are ...
Self-Assessment Taxpayers Are Reminded to Submit 2022/2023 Paperwork and Records to SAS Accounting in Good Time
November 2, 2023
As we approach the winter period, many clients report increasingly busy trading environments as so many sectors gear up for the festive season and make preparations for holiday closures and heavy demand during the next few weeks.While there are often many priorities over the...
Basis Period Reforms Explained: All You Need to Know About Changes to Accounting Periods for Tax Declarations
October 23, 2023
From the 2023/24 tax year, HMRC has introduced changes to the reporting period requirements for partnerships and self-employed taxpayers. Your 'basis period' is the 12 months over which you prepare your accounts and submit details of your income and taxable profits to the ta...
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