Dividend tax increase from 6 April 2022
A reminder that the 1.25% increase in NIC contributions that came into effect on 6 April 2022 are reflected in a similar increase in the tax charge on dividends.
This means that the dividend tax
Planning for Basis Period reform
The basis period reforms will change the way trading income is allocated to tax years. The reforms will change the basis period from a ‘current year basis’ to a ‘tax year basis’. Under the current
Check your Income Tax for current year
HMRC offers taxpayers the ability to check their Income Tax for the current tax year. The online portal has been updated for the new 2022-23 tax year from 6 April 2022 to 5 April 2023. The service is
Do you need to submit a Self-Assessment return for 2021-22?
There are a number of reasons why you might need to complete a Self-Assessment return. This includes if you are self-employed, a company director, have an annual income over £100,000 and / or have
Will you need to repay child benefits?
The High Income Child Benefit charge applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial benefit of receiving
Limits to loss relief claims against income or capital gains
There are a number of tax reliefs available for self-employed taxpayers that make a trading loss. This includes a partners’ share of partnership trading losses.
There may also be restrictions if the
Claiming for business use of own car or van
If you are an employee, you may be able to claim tax relief for using your own vehicle, be it a car, van, motorcycle or bike. There is generally no tax relief for travel to and from your place of
Spreading the cost of tax bills
One of the announcements by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help those affected by COVID-19 using the existing Time to Pay service. Many
Don’t miss out on this tax allowance
HMRC is using Valentine’s Day to issue a reminder to married couples and those in civil partnerships to sign up for the marriage allowance – if they are eligible and haven’t yet done so.
The marriage
Paying tax underpayments via tax code
One of the less well-known ways of paying your Self-Assessment tax bill is to do so through your tax code.
This can only be done where all the following apply:
you owe a Self-Assessment balancing
