Using form R40 to claim a tax refund
If you are entitled to a refund of tax deducted from savings and investment income, you can claim the refund using form R40 if you …
Class 2 NIC refunds made in error – Action to take
Class 2 National Insurance contributions are flat rate contributions which for 2023/24 and earlier tax years are payable by the self-employed where their profits exceed …
Making student loan repayments through Self Assessment
There are three ways in which former students with student or post-graduate loans can make loan repayments: Students will normally start making repayments from the …
VAT flat rate scheme – Is it for you?
The VAT flat rate scheme is a simple VAT scheme for smaller VAT-registered businesses. Rather than pay the difference between the VAT charged to customers …
Wealthy taxpayers within PAYE – When is a tax return required?
Earlier this year, HMRC wrote to wealthy taxpayers who had not submitted tax returns for 2020/21 and/or 2021/22. A letter was sent where the taxpayer …
When is a child’s income taxable on their parent?
Children may have their own income. This may be in the form of savings income on accounts that they hold or, for older children, income …
Tax relief on charitable donations
If you make donations to charity, you can benefit from tax relief on those donations. This can be achieved in various ways. Gift Aid If …
Setting up as a sole trader
The way in which you operate your business determines the taxes that you pay and also your reporting obligations. If you work for yourself and …
Will paying voluntary NICs boost your pension?
To qualify for a full state pension, you need 35 qualifying years. You can earn these through paying National Insurance contributions or being awarded National …
Investing the proceeds from the sale of the family home
For many people, there will come a time when it becomes sensible or necessary to sell the family home, either to downsize or because of …
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 …
