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Don’t forget the 31 July payment on account deadline

The second payment on account towards income tax self assessment (ITSA) liabilities and class 4 national insurance contributions (NIC) for 2023/24 is due by 31 July 2024.

SPRING BUDGET 2024.

SPRING BUDGET 2024.

We have summarised the key tax announcements.

PERSONAL TAXES

Tax bands and rates.

For 2024/25. The basic rate of tax is 20%. The band of income taxable at this rate is £37,700 so that the threshold at which the 40% band applies is £50,270 for those who are entitled to the full personal allowance.

New HMRC one-stop online shop on tax reliefs

New HMRC one-stop online shop provides taxpayers with tax relief information

HMRC has launched a new one-stop online shop designed to provide taxpayers with information on the tax reliefs and financial help available from HMRC.

In a new section of the GOV.UK website, HMRC has listed financial support available to ensure individuals are not missing out. There is guidance on relief for childcare and work-related expenses, as well as information about savings and getting help if you cannot pay your tax bill.

COVID 19 - THE TAX IMPACT OF WORKING FROM HOME

Employees’ homeworking costs

The legislation specifically allows payments made by employers to employees to cover homeworker’s additional household expenses to be tax-free in certain circumstances.

THE MAKING TAX DIGITAL TIMETABLE

From 1 April 2019, Making TAx Digital (MTD) finally beging to come into force.

Under the MTD rules most businesses will be required to digitally record tax-relevant data and to use MTD-compliant software to transfer the required information directly to HMRC’s systems via an application programming interface (API).

MTD for business is being introduced tax by tax, not by business size or type.

Tax rebate

Check tax rebate eligibility

Anyone living in a property in council tax bands A to D is eligible for a £150 tax rebate as part of a scheme to help with the cost of living crisis. Around 90% of eligible households have received this by direct debit, but what should you do if you haven’t?

Working from home allowance (£6 per week or £26 per month)

Working from home allowance (£6 per week or £26 per month)

Please note, If you previously claimed tax relief when you worked from home because of coronavirus (COVID-19), you might no longer be eligible.

Who can claim tax relief

You can claim tax relief if you have to work from home, for example because:

  • your job requires you to live far away from your office
  • your employer does not have an office

Who cannot claim tax relief

Making Tax Digital - Update [Nov. 2021]

Started in April 2019 with Making Tax Digital (MTD) VAT for businesses with taxable turnover above the VAT threshold. MTD VAT is extended to all businesses from April 2022 and MTD income tax self assessment (MTD ITSA) will start in April 2024.

COVID 19 – Winter Economy Plan [08th October 2020]

Coronavirus Job Retention Scheme CJRS – UPDATE

The existing furlough scheme, comes to an end on 31 October. The Winter Economy Plan the government announced will be introducing a new Job Support Scheme from 1 November 2020.

For employers to participate in the scheme:

Support for businesses - Due to COVID-19:

Support for businesses - COVID-19:

The government will bring forward legislation to allow small- and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows:

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