My Latest Blogs
10th January 2023
HMRC interest rates for late and early payments
With the forthcoming Self Assessment payment date of 31st January 2023 just 3 weeks away HMRC have increased the late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges and pays interest from 6th January 2023: late payment interest rate — 6% from 6 January 2023 repayment interest…
15th December 2022
MTD for landlords
Landlords currently using self-assessment will be required to switch to using Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA for short) and applies to all landlords whose total property income is in excess of £10,000 per year, including: • Rental income from UK rental properties • Other UK property income such as…
5th December 2022
Can’t See the Wood for the Trees…
Google ‘planting woodland and trees’ and you will find dozens of pages of advice but let’s focus on the farmer’s needs and the wide range of benefits to our readers where farmland grazing is poor or your land requires more fertilisers. Large scale planting can: • Attract wildlife • Provide shelter for livestock •…
1st December 2022
31 Jan 23: Self Assessment Deadline
There are now less than two calendar months before the tax return filing deadline of 31 January 2023. Do not delay – file it today! If you are not sure if you need to file a tax return, did you… Work for yourself between 6 April 2021 and 5 April 2022? Become a…
5th October 2022
Office of Simplification change and review
The Chancellor Kwasi Kwarteng has announced on 23 September as part of the fiscal event that the Office of Tax Simplification will be closed. The Department was set up by former prime minister David Cameron and chancellor George Osborne in the first weeks of their coalition government. The OTS, which is an independent adviser to…
30th September 2022
High income child benefit charge: A reminder
The High Income Child Benefit Charge (HICBC) was introduced in 2013 but with rising inflation and wages being pushed up this may mean that you may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’ (HICBC), if you have an individual income over £50,000 and either: you or your partner…
22nd September 2022
1.25% rise in National Insurance will be reversed from 6 November
The 1.25 percentage rise in National Insurance will be reversed from 6 November, the Chancellor Kwasi Kwarteng has announced today (22 September). Chancellor of the Exchequer Kwasi Kwarteng said: Taxing our way to prosperity has never worked. To raise living standards for all, we need to be unapologetic about growing our economy. Cutting tax…
13th September 2022
5-Oct: SA registration deadline
There is now less than a calendar month before the self-assessment (SA) deadline for registering with HMRC (5 October 2022). Do not delay – register today! If you are not sure if you need to file an SA tax return, did you, between 6 April 2021 and 5 April 2022: Commence working for…
14th July 2022
Self assessment tax: Pay by 31-Jul
The deadlines for paying your second payment on account is for 31 July. Pay your tax bill You can make weekly or monthly payments towards your bill, if you prefer. Pay your Self Assessment tax bill: Pay weekly or monthly – GOV.UK (www.gov.uk) You can get help if you cannot pay your tax bill…
8th April 2022
Basis period reform
From the 2024/25 tax year, HMRC are looking to tax profits of unincorporated businesses on a tax year basis, rather than on the accounting year (or period) basis, effectively removing the current basis period rules. Therefore, any unincorporated businesses without a 31 March or 5 April year end will be affected by these changes.…