2 minutes to read With interest rates at a historic high over the last year, savers should check their bank or building society interest income for 2023/24. Some people are now falling into the Self Assessment tax return bracket due to the extra interest savings accounts have been paying. You may pay tax on a salary through Pay As …
Tax & your family: tax planning 2
4 minutes to read The one sure thing with a family is that your financial circumstances are always changing. Reviewing your position with your accountant in the last weeks of the tax year will mean the full use of bands and allowances. Here we give an overview of considerations for married couples and civil partners, children, grandparents, and those …
REVERSAL! Double cab pickup trucks latest
< 1 minute to read 20.2.24 HMRC announce a u-turn on the classification change we reported on last week. So.. for now, double cab pickups will continue to be treated as goods vehicles rather than cars, and businesses and individuals can continue to benefit from its historic tax treatment. The government will change the law at the next available Finance …
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Scotland: new high earner tax band
< 1 minute to read Those living in Scotland who earn between £75,000 and £125,140 will pay more tax than they currently do following an announcement by the Scottish government today. The new 45% band unveiled by Finance Secretary Shona Robinson means that Scotland will now have six income tax bands. In addition, the top rate of tax, paid by …
Benefit in kind: online reporting
< 1 minute to read If a benefit in kind has been paid to employees, employers must submit forms P11D and P11Db online by 6 July 2023. HMRC charge penalties on a monthly basis and issue penalty notices each quarter, until a return is filed. Note also that online reporting of these forms came into force on 6 April 2023, …
HMRC’s Trust Registration Service
2 minutes to read HMRC’s Trust Registration Service With a registration deadline looming, and urgent action needed by 1 September 2022, check now: could the Trust Registration Service (TRS) impact you? Part of a European initiative to tackle money laundering and the financing of terrorism, the rules around the TRS now have consequences for many more trusts and trustees …