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Personal Tax

Income Tax and selling online

In recent weeks there has been a flurry of online activity discussing the new law that will require online marketplaces to report information about income made by their users to HMRC.

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What to do when frozen thresholds put you in a higher tax bracket

The freeze on income tax thresholds and changes to dividend and CGT allowances will see millions dragged into higher rates of taxation, but there are ways for higher earners to reduce their tax bill.

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Inheritance Tax Planning Tips

With inheritance tax receipts to HMRC set to reach new levels this financial year, now more than ever are families needing to plan for their future.

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Scams warning issued to 12 million self assessment taxpayers

Self assessment taxpayers must be on the lookout for scam texts, emails and phone calls from fraudsters, HMRC was warned.

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Do you have a side income?

If you do, then you are probably aware of the requirement to disclose this on your Self-Assessment tax return.

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HMRC tax error sees thousands overcharged on student loans

An error in payroll software used by HMRC has caused thousands of individuals to overpay on their student loans.

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Sunak to consider cutting inheritance tax

The UK government is reportedly considering a cut to inheritance tax (IHT) ahead of the next general election, despite being forecast to raise around £7.2bn in 2023/24

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How to reclaim emergency tax on pension drawdowns

HMRC has issued guidance on how to claim back a refund in the current tax year on an overpayment of tax when a pension has been flexibly accessed.

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Reminder to register for self assessment tax returns by 5 October

HMRC is reminding anyone who is new to self assessment for the 2022 to 2023 tax year to register with HMRC by 5 October or face penalties

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Child Benefit - Tax Implications for High-Income Earners

Parents and carers need to be aware that if either of the couple have ‘adjusted net income’ in excess of £50,000 then the one with the higher income will potentially be charged to tax on some or all of the child benefit and will need to request a self-assessment tax return

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Check what your tax code means

HMRC have released a new online tool to help taxpayers understand what their tax code means.

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Filing your Self-Assessment return early

Taxpayers could take advantage of four key benefits when filing their tax return early, HM Revenue and Customs (HMRC) has stated.

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Use Tax Free Childcare Account to pay for Summer Holiday Clubs

Tax-Free Childcare accounts can be used to pay for approved childcare for children aged 11 or under, or 16 if the child has a disability. This can include paying for a summer holiday club or childminder.

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Government funding for free childcare offers

Nurseries are set to receive £204 million as part of the Government’s promise to deliver the largest ever investment in childcare.

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Deadline for topping up NI contributions extended again to 5 April 2025

With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked

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Retirement planning – are you on track?

The closer you are to retirement, the more important your retirement planning becomes.

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Can we still be paid £6 a week for working from home?

During the COVID pandemic the government relaxed the conditions to enable those working from home to be paid £6 a week tax free by their employer, or, where that was not paid by the employer, they could claim relief for £6 a week against their employment income for a tax refund from HMRC.

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MPs want answers on reason for HMRC helpline closure

The Treasury Committee has asked HMRC to explain the rationale for closing the self assessment helpline for three months

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HMRC extends deadline for voluntary NICs to April 2025

HMRC has extended the voluntary national insurance contributions (NICs) deadline until 2025.

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Are you claiming a tax refund for all your work expenses?

HM Revenue & Customs (HMRC) is reminding employed workers that they can claim a refund on work-related expenses directly through GOV.UK.

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