As of 6 April 2019 the higher rate tax threshold has been increased to £50,000, which is good news for many taxpayers. However, this also is the same figure when child benefit starts being clawed back and there has been no increase in this figure since it was introduced back in...
For personal and family companies it can be beneficial to extract some profits in the form of a salary. Where the individual does not have the 35 qualifying years necessary to qualify for the full single-tier state pension, paying a salary which is equal to or above the lower earnings limit...
The first thing you need to do when required to complete a tax return is register with HMRC. You should do that as soon as you can. There’s a link to the HMRC website here. That’s the easy bit. Now you’re registered, there are a couple of key dates you need to be aware...
Under the self-assessment system, a taxpayer is required to make payments on account – advance payments towards the eventual tax and National Insurance liability – where the previous year’s self-assessment bill was £1,000 or more, unless more than 80% of the tax liability is deducted at source, for example, under...
You might have heard adverts on the radio… Maybe you’ve seen stories in the news... Or maybe you’ve heard another business owner talking about it. Of course, it’s possible you haven’t heard anything about HMRC’s Making Tax Digital initiative. Like many people, you might simply be too busy dealing with all the other issues...
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