HMRC has warned taxpayers that the countdown to the self assessment deadline is now underway, with less than 100 days to go. Self assessment taxpayers must file and pay their self assessment tax return before the 31 January 2025 deadline.…
HMRC has been urged to defuse a tax bombshell threatening online traders, by the Low Incomes Tax Reform Group (LITRG). The LITRG, which is part of the Chartered Institute of Taxation (CIOT), says the tax authority must take action in…
HMRC’s decision to make it easier for taxpayers to file a paper tax return has been welcomed by the Low Incomes Tax Reform Group (LITRG). With less than a month until the 31 October deadline for filing a 2023/24 paper…
The number of self-employed people aged 60 or over has reached a record level, according to analysis by Rest Less. These numbers have increased by over a third in the past decade, totalling 991,432 self-employed people aged 60 or over…
HMRC will send Simple Assessment tax statements to pensioners in the next few weeks. The combination of frozen tax thresholds and a substantial increase to the state pension has led to many more pensioners being dragged into paying income tax…
Jeremy Hunt’s Autumn Statement earlier this week has shone a light on National Insurance, but what is National Insurance and what do the changes mean? National Insurance contributions allow people to qualify for certain benefits and the State Pension. There…
In the UK, individuals and entities who meet certain criteria are required to register for self-assessment tax returns. Here's a general overview of who may need to register: Self-Employed Individuals: If you are self-employed and earn more than £1,000 you…
Corporation tax in the UK is a tax levied on the profits of limited companies, foreign companies with a UK branch or office, and some other organisations like clubs and associations. It is not applied to sole traders or partnerships;…
Marriage Allowance is a tax break designed to assist married couples and civil partners in optimizing their tax situation. The primary aim is to enable one partner to transfer a portion of their Personal Allowance to their spouse or civil…
At the end of this month the second payments on account for the 2022/23 tax year will be payable to HM Revenue and Customs for individuals who are liable to pay them. But, why do some people have to pay…
