Making Tax Digital: Are you ready for your first quarterly deadline?
If you are already registered for Making Tax Digital (MTD) for Income Tax, it is important to ensure you are ready for your first quarterly update deadline. Unlike a traditional self-assessment
Could your savings generate a tax bill?
Most individuals can earn interest from their savings without incurring a tax liability thanks to a number of allowances available each tax year (from 6 April to 5 April). These include your Personal
Are you claiming all your allowable business expenses?
If you are self-employed, claiming all of your allowable business expenses can reduce your taxable profit and, in turn, the amount of Income Tax you pay. Allowable expenses are costs that are incurred
Avoid 60% Income Tax band
A ‘60% Income Tax band’ can arises when an individual’s income exceeds £100,000 in a tax year. Once this threshold is crossed, the personal allowance is gradually withdrawn at a rate of £1 for every
Meaning of Carried Interest
Carried interest is essentially a share of the profits from an investment fund that is paid to the fund managers. Unlike a fixed fee, its value depends directly on the fund’s performance. This type of
Understanding dividend tax
Understanding dividend tax is important for anyone who receives income from shares in a company. Dividends are taxed differently from salary, pensions and other forms of income, with their own
Claiming tax relief on charitable donations
When you donate money to a charity or Community Amateur Sports Club (CASC) under Gift Aid, the organisation can claim an extra 25p from HMRC for every £1 you give. This increases the value of your
Understanding your tax code
Your tax code tells your employer or pension provider how much Income Tax to deduct from your pay. It is set by HMRC, and you may have a different code for each job or pension.
Most people with one
Further registration for Making Tax Digital
Making Tax Digital (MTD) for Income Tax is being rolled out in stages for sole traders and landlords who complete self-assessment returns. Liability to register depends on the level of
Self-assessment tax penalties
If you are required to complete a self-assessment tax return, HMRC may charge penalties if you miss the deadline for making a filing or payment.
There are also penalties if you fail to register on
