Cash basis extended - AccounTax Zone

Cash basis extended

If you are running an unincorporated business, either as a sole trader or as a partnership comprising only partners who are individuals, you can use …

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National Insurance cut for employees and directors - AccounTax Zone

National Insurance cut for employees and directors

In his November 2023 Autumn Statement, the Chancellor announced a reduction in the main primary rate of Class 1 National Insurance from 12% to 10%. …

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NIC payable by the self-employed from April 2024 - AccounTax Zone

NIC payable by the self-employed from April 2024

The self-employed have historically paid two classes of National Insurance – Class 2 and Class 4. However, this is set to change from April 2024 …

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Depreciation versus capital allowances - AccounTax Zone

Depreciation versus capital allowances

Tax and accounting rules are not identical and it is sometimes necessary to adjust the accounting profit to arrive at the profit for tax purposes. …

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Pay your employees early in December - AccounTax Zone

Reporting payment to HMRC if you pay your employees early in December

Strict reporting deadlines apply under Real Time Information (RTI). Employers are required to report employees’ pay and deductions to HMRC electronically on the Full Payment …

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Can you benefit from the marriage allowance? - AccounTax Zone

Can you benefit from the marriage allowance?

The marriage allowance is not a separate allowance as such – rather, it is a transfer of part of one spouse or civil partner’s personal …

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Reclaiming section 455 tax paid - AccounTax Zone

Reclaiming section 455 tax paid

In personal and family companies, directors often borrow money from the company as this is a cheaper and easier option than taking out a commercial …

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Submit your tax return by 30 December to have your tax collected through PAYE - AccounTax Zone

Submit your tax return by 30 December to have your tax collected through PAYE

Although the deadline for submitting your 2022/23 tax return online is midnight on 31 January 2024, if you owe tax and you want to have …

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Relief for pre-trading expenses - AccounTax Zone

Relief for pre-trading expenses

In setting up a trade it is inevitable that expenses will be incurred before the trade actually commences. Expenses may be incurred on acquiring premises …

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Get your overlap relief figure - AccounTax Zone

Get your overlap relief figure

If you have unrelieved overlap profits, you will not be able to claim relief for those profits after 2023/24. Overlap profits are profits that have …

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Dealing with gift hold-over relief ‘nudge’ letters - AccounTax Zone

Dealing with gift hold-over relief ‘nudge’ letters

HMRC are sending one-to-many ‘nudge’ letters to taxpayers who included an invalid claim for gift hold-over relief in their 2021/22 tax return. This may be …

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Common NMW errors to avoid - AccounTax Zone

Common NMW errors to avoid

Workers are entitled to be paid the National Living Wage (NLW) or Minimum Wage (NMW) for their age. Employers who fail to do this run …

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