My Latest Blogs
25th March 2024
The end of Furnished Holiday Lettings
The recent Budget announcements will bring an end to the tax advantages afforded to the owners of Furnished Holiday Lettings (FHL) and set them apart from the owners of normal residential properties. At present, qualifying FHL’s provide a number of tax advantages: Unrestricted tax relief for mortgage interest Entitlement to claim capital allowances, including…
14th March 2024
Marriage Allowance Deadline Looming
If you are married or in a civil partnership, you may be entitled to a tax refund of up to £1,256. It has been reported that over 2 million qualifying couples miss out on the Marriage Allowance, despite it being really easy to apply. If the claim is made outside of the Self Assessment…
7th March 2024
Spring Budget 2024: For Individuals
Let’s look at the 2024 Spring Budget for individuals. With the next general election on the horizon, Jeremy Hunt had no choice but to deliver an impactful Budget. Here is a summary of the main changes affecting individuals: Class 1 National Insurance A fresh cut to primary Class 1 National Insurance contributions for employees from…
23rd February 2024
2022/23 Self Assessment Unpaid Tax: Pay before 2 March 2024
If you owed Income Tax or Capital Gains Tax via Self Assessment for the 2022/23 tax year, this should have been paid by 31 January 2024. Interest will be accruing on any unpaid tax at a staggering rate of 7.75%. If you cannot pay your Self Assessment tax bill and need help, you…
16th January 2024
31 Jan: Could Your Self-Assessment Tax Be Reduced?
Could your Self-Assessment Tax be reduced? For those clients that prepare self-assessment personal tax returns, 31 January is usually tax payment day. This tax will primarily be based on your personal income for the tax year ended 5 April 2023, potentially made up of 2 components: The balancing payment for 2022/23 (total 2022/23…
23rd November 2023
Autumn Statement: How It Effects Private Tax Clients
Are you wondering how the Autumn Statement effects Private Tax Clients? This year’s Autumn Statement arrived at a time when both businesses and individuals alike are well and truly feeling the squeeze. With the performance of the economy better than expected this year (according to the Office for Budget Responsibility), but expected to grow…
4th July 2023
HMRC: Simple Assessments
We are seeing a lot of tax calculations (forms P800) and ‘Simple Assessments’ (forms PA302) being issued by HMRC recently. Many of the tax calculations we have seen are incorrect – either because they only include an estimate of non-PAYE income (i.e. bank interest, life assurance gains, property profits), or they omit non-PAYE income…
12th June 2023
Mind the (NIC) gap!
The deadline for filling gaps on your State Pension record via voluntary Class 3 National Insurance, back to 2006/07, was originally 5 April 2023. This was extended in March to 31 July 2023, and has today been extended AGAIN to 5 April 2025. So we now have over another 21 months to consider necessary actions.…
17th April 2023
Outstanding tax returns: Daily penalties
Tax returns for the tax year ended 5 April 2022 were due for filing by 31 January 2023. HMRC will soon start issuing daily penalties where 2021/22 tax returns remain outstanding. Where tax returns are not submitted within 3 months of the deadline (before 1 May 2023), taxpayers will be charged a flat…
14th March 2023
Voluntary NI Contributions: 2006-2016
Maximising future entitlement to State Pension may not be at the forefront of people’s minds, but following the introduction of the new State Pension in 2016, the ability to pay voluntary National Insurance contributions to ‘fill’ gaps will become far more limited from July. Initially this deadline was set at 5 April (2023), but it…