LATEST FINANCIAL NEWS

Child Benefit for 16 – 19 year olds

More than a million parents will receive reminders to extend Child Benefit for their teenagers if they are continuing their education or training after their GCSEs. HM Revenue and Customs (HMRC) is...

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Are we unpaid tax collectors?

Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position; whether they are registered for VAT or not. If you are not registered for VAT, you do not...

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Types of HMRC enquiries

HMRC can enquire into any statutory return (or amendment of that return) or statutory claim to check if the return / claim has been prepared correctly or if further information is required. HMRC’s...

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Correcting errors in VAT returns

Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. To do...

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Interest on children’s savings

All children in the UK have their own personal allowance, currently £12,570. There are special rules if a parent gifts significant amounts of money to their children which results in them receiving...

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Non-resident UK property sales

There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to report and pay any non-resident Capital Gains Tax (CGT) due if they have sold...

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Self-assessment payments on account

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

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Multiple Dwellings Relief for SDLT

It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change has now come into effect for transactions which complete, or substantially...

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New Brooms

As time passes during the present election campaign, its seems more likely that we may have a change of government from the 5 July. Labour have disclosed a number of tax changes they would introduce....

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Falling inflation – what does it mean for you?

The following notes are reproduced from a Treasury statement issued 21 May 2024. Lower inflation supports people by maintaining the purchasing power of their money. If prices only rise slowly,...

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Tax Diary July/August 2024

1 July 2024 - Due date for corporation tax due for the year ended 30 September 2023. 6 July 2024 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A...

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Filing your tax return early

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or...

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