Capital gains tax year-end planning
No one wants to pay more tax than they need to and, where possible, disposals should be timed to ensure that the best result is …
Have you used your 2023/24 dividend allowance?
As we move into the final months of the 2023/24 tax year, it is time to give some thought to whether you have used your …
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 …
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 …
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. …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
