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£38million of tax overpayments refunded

Have you overpaid on your pensions tax? HMRC has released information showing that
£38million worth of repayments were issued to thousands of savers (aged 55 and over) in the final quarter of 2023. More than 12,000 reclaim forms were processed.

In the main, it was individuals accessing their pensions flexibly who were impacted. The unexpected tax bills have arisen due to an ’emergency’ tax code applied to their
first withdrawal.

Analysis by investment broker AJ Bell indicated that since 2015, approximately £1.2 billion has been repaid to savers who were…

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Scotland creates new higher income tax band

Scottish taxpayers earning more than £75,000 are set to pay a new higher rate of 45% from 2024-25. The Scottish Government has announced the change following its Budget. The change means Scotland now has six different income tax rates. The rest of the UK has three.

The ‘advanced’ band, as it has been called, will apply to those earning between £75,000 to £125,140. The starter, basic and intermediate threshold is set to rise with inflation, but the higher rate (43%) would still kick in at the same rate -…

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£148m in tax bills to be paid in instalments

As the Self-Assessment Income Tax deadline looms (31 January), HMRC has revealed that many people have opted into a scheme to pay their tax bills in instalments.

Nearly 44,800 people have sorted their tax bills totalling almost £148 million, by setting up a monthly payment plan called Time to Pay. HMRC also revealed 28,794 people used its app this time around to pay more than £42 million in tax owed.

More than 7.7 million people who file Self-AssessmentTax Returns have already filed theirs for the 2022 to 2023 tax year. We…

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Online sellers watch out for ‘side hustle tax’

You may have seen one of the early 2024 tax stories popping up in many of the national newspapers relates to a so-called ‘side hustle tax’. Is it really a tax? No. Yet we’re seeing it reported as a ‘New Year tax clampdown’ and similar such descriptions. Unfortunately, it has led to concern, particularly on social media where some people have perhaps misunderstood or misinterpreted what’s happening.

At the centre of this is new data-sharing rules coming into force this month that will affect holiday homeowners, delivery drivers, and…

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New Year, New Budget

It might seem like only a few weeks ago that we had the Autumn Statement,
but already we’ve had news in the early days of 2024 that the next Budget is on its way. And with that, a swirling mass of rumours
about tax changes – particularly cuts, ahead of a General Election, which must be called by the end of this year. Earlier this month,
the Government announced the Budget will be delivered by The Chancellor Jeremy Hunt on 6 March 2024. That’s quite a lot earlier…

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Watch out for data thieves’ latest scam

Scammers are targeting people’s online tax accounts and attempting to steal
sensitive personal data, HMRC officials have warned. It’s been reported by the Institute of Chartered Accountants in England and Wales
(ICAEW) that various accountants’ clients have received emails, which are described by HMRC as “a tactic by scammers to direct people to
a phishing site and steal personal details.”

The emails purport to be from the Government Gateway and contain a confirmation code
to confirm an email address. “If such requests are received, these should be reported to…

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Cause for cheer on company parties

Did you know that your business can benefit from a tax-free allowance
if you host a celebratory event for your employees?

If not, you may have missed out for this year’s Christmas party.
Or if you’re planning a late festive party in January, this may come at just the right time!

It’s not just the yuletide
event that attracts this benefit, however. So, if you’re planning to throw staff a party, you can spend up to £150 each year per
employee and not have to pay tax or national…

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Have you discovered this tax relief?

Are you aware of Business Asset Disposal Relief (BADR)? You may
not have heard of it before, but you probably are familiar with Capital Gains Tax (CGT). BADR is a type of CGT relief.
It becomes relevant if you’re selling all or part of your business.

It used to go by another name – Entrepreneurs’ Relief – before 6 April 2020. If you are a business owner or a sole
trader, it could reduce the tax you have to pay. To qualify for relief, both of the following must…

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New ‘one pension pot for life’ proposal

For those of you who employ staff, you’ll be aware of requirements
surrounding workplace pensions. Changes could be afoot for pensions, with new proposals to give savers a legal right to
require a new employer to pay pension contributions into their existing pension pot. A consultation has been launched by the
Government. If later approved, a new system of ‘one pension pot for life’ would be born.

It would mean individuals can choose their pension provider rather than having one selected by their employer. One of the
aims of…

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Tax-deductible training costs

As a business owner or as a self-employed person, you may have costs from time to time
for training. It may be for yourself or for an employee. Some businesses may have found it hard to understand the current guidance on which training
costs are tax-deductible. So, you may be pleased to know further guidance is set to come in this area. HMRC has said it will be coming forward with
clarifications.
HMRC says the new guidance will help businesses to be “confident that updating existing skills or maintaining pace…

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