by admin | Jun 13, 2024 | Income Tax |
Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments on account are due on 31 January during the tax year and 31 July following the tax year end date. These payments on account are...
by admin | Jun 6, 2024 | Income Tax |
The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or even until January 2025. The 31 January 2025 is not just the final...
by admin | Jun 6, 2024 | Income Tax |
There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at www.gov.uk/check-additional-income-tax. You are required to submit a self-assessment return if any of the...
by admin | May 30, 2024 | Income Tax |
If you are a higher rate or additional rate taxpayer you have the option to carry back your charitable donations to the previous tax year. A request to carry back the donation must be made before or at the same time as your previous year’s self-assessment...
by admin | May 2, 2024 | Income Tax |
The self-employed tax basis period reform has changed the way trading income is allocated to tax years. Under the reforms, the tax basis period has changed from a ‘current year basis’ to a ‘tax year basis’. This means that all sole trader and...
by admin | Apr 18, 2024 | Income Tax |
A reminder of the changes to Scottish Income Tax rates for the 2024-25 tax year. It was announced as part of the Scottish Budget measures that a new tax band called the advanced rate band will apply a 45% tax rate on annual income between £75,000 and...
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