Do you now need to pay tax on your dividend income?
The fall in the dividend allowance in recent years may mean that you now need to pay tax on your dividend income for the first …
Advantages of filing your 2023/24 tax return early
The deadline for filing your 2023/24 Self Assessment tax return online is 31 January 2025. An earlier deadline of 30 December 2024 applies if you …
IHT transferable nil rate bands
The nil rate band is the amount that a person may leave free of inheritance tax. Each person has their own nil rate band, which …
Five common capital gains tax errors
HMRC have revealed that every year lots of simple errors are made in tax returns in relation to capital gains tax which result in the …
Tax-free savings income in 2024/25
Up to certain limits, it is possible to enjoy some savings income tax-free. The extent to which this is possible depends on the rate at …
Cash basis by default
For 2024/25 and later tax years, unless they elect otherwise, unincorporated businesses must prepare their accounts and calculate their taxable profit using the cash basis. …
Taxation of company cars in 2024/25
A taxable benefit arises where an employee has the private use of a company car. Unless the car is an electric car, a further benefit …
VAT records – What do you need to keep?
If you are registered for VAT, you will need to keep normal business records. The records must be complete, up to date and sufficient to …
New VAT thresholds – When must you register and when can you deregister?
The VAT registration threshold rose from £85,000 to £90,000 from 1 April 2024. The deregistration threshold increased from £83,000 to £88,000 from the same date. …
Small earnings from self-employment – Tax and National Insurance implications
Many people earn small amounts of money from self-employment, often as a side hustle. For example, this may be from craft or baking activities, tuition …
Extracting profits in 2024/25
If you run your business as a personal or family company, you will need to extract your profits in order to use them personally outside …
Training costs and the self-employed
A sole trader or proprietor of an unincorporated business may incur training costs. The tax treatment of those costs depends on whether the costs are …
