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Industry News

Claims to reduce payments on account

Claims to reduce payments on account

Self-assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on 31 January during the tax year and 31

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Myths about self-assessment

Myths about self-assessment

In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the 31 January 2025 deadline and clarifies some of the most

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MTD for Income Tax draws closer

MTD for Income Tax draws closer

The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in April 2026. The process will significantly adjust how businesses, self-employed

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Employing an apprentice

Employing an apprentice

There are special rules to observe when employing an apprentice in the UK. Basically, an apprentice takes part in a structured training program that combines working with studying.

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When dividends cannot be paid

When dividends cannot be paid

There is a basic principle that dividends or other distributions must not be paid out of capital even if the Articles of a company authorise such a payment. For the purposes of this article,

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Higher rates of SDLT on residential property

Higher rates of SDLT on residential property

The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The

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Beware overtrading

Beware overtrading

Overtrading occurs when a business expands its operations at a pace that exceeds its available working capital and financial resources. This can happen when a company takes on more business

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Ask for advice

Ask for advice

Asking your accountant for advice offers a range of benefits, particularly in guiding both business and personal financial decisions. Here are some key advantages: Expert Financial

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Tax Diary October/November 2024

Tax Diary October/November 2024

1 October 2024 - Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 - PAYE and NIC deductions due for month ended 5 October 2024. (If you pay your tax

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Penalties for late filing of company accounts

Penalties for late filing of company accounts

There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or

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Self-assessment deadlines 2023-24

Self-assessment deadlines 2023-24

The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, a £100 penalty will be imposed, regardless of

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Employing under 16-year-olds and young workers

Employing under 16-year-olds and young workers

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This

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Present self-employed NIC rates

Present self-employed NIC rates

Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more a year. Class 4 NIC rates for the tax year 2024-25 are 6%

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Claiming Child Trust Fund cash

Claiming Child Trust Fund cash

If you turned 18 on or after 1 September 2020, there may be cash waiting for you in a dormant Child Trust Fund (CTF). If your children recently turned 18 you should check to see if they

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Qualifying for Business Asset Disposal Relief

Qualifying for Business Asset Disposal Relief

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available, a

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What is the new National Wealth Fund

What is the new National Wealth Fund

The UK's new National Wealth Fund (NWF) represents a significant shift in the government's approach to fostering economic growth and addressing climate change. Established by the Labour

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Could an interest rate reduction reduce government expenditure?

Could an interest rate reduction reduce government expenditure?

A 1% reduction in the Bank Rate would reduce the UK government's annual interest charges on the national debt, but the exact amount of the reduction depends on the proportion of the debt

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Advising HMRC about additional income

Advising HMRC about additional income

There is an online tool available on GOV.UK that allows taxpayers to check if they need to advise HMRC about additional income they receive. The online tool can be found at

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Claim tax deduction for working from home

Claim tax deduction for working from home

Employees who are working from home may be eligible to claim a tax deduction on certain work-related bills. If their employer does not cover these expenses or allowances, they can claim tax

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Could you claim Pension Credits?

Could you claim Pension Credits?

Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced back in 2003 to help keep retired people out of poverty. The

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Carry forward a company trading loss

Carry forward a company trading loss

There are a significant number of reliefs available to businesses that suffer losses. Certain losses that your company has not used in any other way can be carried forwards against profits

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Medical and dental care for employees

Medical and dental care for employees

There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report

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CGT Gift Hold-Over Relief

CGT Gift Hold-Over Relief

Gift Hold-Over Relief is a tax relief that defers the payment of Capital Gains Tax (CGT). It can be claimed when assets, including certain shares, are gifted or sold below their market value

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Business sectors subject to AML regulation

Business sectors subject to AML regulation

In the UK, certain business sectors are required to register with a regulatory body, such as HM Revenue & Customs (HMRC), for Anti-Money Laundering (AML) purposes. These sectors

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