Starting in 2028-29, the government will introduce a High Value Council Tax Surcharge (HVCTS) for residential properties in England valued at £2 million or more. This surcharge will be collected by
Category: Personal
Affairs of a personal nature, not relating to business practices.
MTD for Income Tax (2025-26)- Complete UK Guide
MTD for Income Tax (2025-26): Exemptions, Penalties & How to Prepare - Complete UK Guide Key Takeaways:Making Tax Digital (MTD) for Income Tax becomes mandatory from April 2026 for individuals with an income of over -50,000.Quarterly digital submissions will replace annual tax returns.The new system aims to enhance accuracy, transparency, and compliance through real-time reporting.Early … Continue reading MTD for Income Tax (2025-26)- Complete UK Guide
Childcare grants
Juggling higher education and parenting? Childcare Grants can ease the pressure by covering up to 85% of your childcare costs. If you’re a full-time student with young children, this grant could make
Child Benefits for over 16s
From April 2025, Child Benefit increases to -26.05 for the eldest child and -17.25 for others. Payments stop after a child turns 16 unless they continue in approved education or training. Parents must
Student and postgraduate loan thresholds and rates
From 6 April 2025, new thresholds for student loan repayments will take effect, impacting borrowers across the UK. Whether you’re on Plan 1, Plan 2, Plan 4, or repaying a postgraduate loan, here-s a
Private rental deposits
There are special rules under the Tenancy Deposit Scheme that limits the amount of deposit that landlords in England can request. There are also further limitations on what landlords and agents can
Changes to the High Income Child Benefit Charge
The changes to the High Income Child Benefit Charge (HICBC) announced as part of the Spring Budget came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged has been
Childcare Account chores
HMRC-s Childcare account can be used to claim free childcare (if eligible) or pay for Tax-Free Childcare. HMRC-s sign in page for the account states that in order --to keep getting free childcare or
New employment protections
New legislation, including three Government backed cross party Acts, came into force from 6 April 2024.
Pregnant women and new parents will now receive special treatment in a redundancy situation, as
Assistance with debt management
Earlier this month, saw the 10th anniversary of the StepChange Debt Charity-s annual Debt Awareness Week. This is designed to shine a spotlight on the causes of problem debt.
The focus on this year’s
Rent a Room Scheme - another income stream
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home to create a valuable tax free income stream. If you are using this scheme, you should ensure
Cost of living final payment 2023-24
The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details of Cost of Living Payments due in the 2023-24 tax year were
Guide to overseas workday relief in the UK
A Guide to Overseas Workday Relief in the UK Navigating tax regulations can be daunting, especially when dealing with income from overseas work. If you're a UK resident or a non-UK domiciled individual,-Overseas Workday Relief-(OWR) can significantly reduce your UK tax liability on earnings from work done abroad. This relief allows you to claim tax … Continue reading Guide to overseas workday relief in the UK
HMRC-s Self-Assessment line summer closure
HMRC’s Self-Assessment helpline closed on 12 June 2023 and will re-open on 4 September 2023. This closure is part of a trial to direct Self-Assessment queries from the helpline to HMRC’s digital services, including online guidance, digital assistant and webchat. This move has been planned for a ‘quiet’ time for Self-Assessment queries and the helpline will … Continue reading HMRC-s Self-Assessment line summer closure
How to claim work from home tax relief in the UK
How to claim work from home tax relief in the UK If you work from home, you may be eligible for work from home tax relief on some of your expenses. This will depend on whether working from home is a choice or is required by your work.The amount of tax relief you can claim … Continue reading How to claim work from home tax relief in the UK
Guide to tax relief for work expenses in the UK
Guide to tax relief for work expenses in the UK If you find yourself paying for job costs out of your own pocket, making the most of available tax reliefs is essential. In the UK, HM Revenue and Customs (HMRC) offers tax relief for certain job-related expenses that are not reimbursed by your employer.In this … Continue reading Guide to tax relief for work expenses in the UK
Self Assessment Tax Return for Landlords in the UK
If you are earning rental income in the UK, understanding your tax obligations is crucial. Filing a self assessment tax return for landlords can be complex, but with the right knowledge and guidance, you can ensure compliance and maximise your financial benefits. In this blog post, we will provide a quick guide to help private … Continue reading Self Assessment Tax Return for Landlords in the UK
Help to Save extended to April 2025
HMRC has confirmed that plans to extend the Help to Save scheme by 18 months, until April 2025 have been confirmed.
The Help to Save scheme is intended to help those on low incomes to boost their
The Top 5 Reasons to Register Trusts for Your Assets
If you are looking to protect your assets and minimise your tax liability, you will likely want to register trusts-to hold them. In some cases, you may have to register trusts with HMRC. Trusts offer a range of benefits, from shielding your assets from creditors to providing a clear plan for distributing your wealth after … Continue reading The Top 5 Reasons to Register Trusts for Your Assets
Accountant Near Me or Remote Accountant
Should I Get an Accountant Near Me or a Remote Accountant?Many small businesses today are asking this exact question: “Do I need an accountant near me in London, or is a remote accountant enough?”COVID-19 undoubtedly accelerated the move towards digital services. Although restrictions have been lifted, the legacy of remote work persists. Many online accounting … Continue reading Accountant Near Me or Remote Accountant
Cost of living payments 2023-24
The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year have been
How to Set Up a Self Assessment Payment Plan with HMRC
As a UK taxpayer, it is important to ensure that your taxes are paid on time and in full. However, a Self Assessment payment plan can help you stay tax compliant when you are unable to pay your personal taxes in one lump sum. In this blog post, we will explore how UK taxpayers can … Continue reading How to Set Up a Self Assessment Payment Plan with HMRC
The Ultimate Guide to Personal Tax in the UK
Navigating personal tax in the UK can be overwhelming, but it doesn't have to be. Our comprehensive guide breaks down the process and provides helpful tips for filing your personal tax return. From understanding tax codes to claiming deductions, we've got you covered. Understand Your Tax Obligations Before you can file your personal tax return … Continue reading The Ultimate Guide to Personal Tax in the UK
Understanding the tax code in UK: 1257L, BR, 0t, and more
Taxes can be a complicated subject, and your UK tax code can be particularly tricky. However, it's important to have a basic understanding of your tax code and what it means, as they can significantly impact the amount of tax you pay. In this blog post, we'll provide a comprehensive guide to the tax code … Continue reading Understanding the tax code in UK: 1257L, BR, 0t, and more
Pensioner Cost of Living Payment 2023-24
The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details for Cost of Living payments due in the 2023-24 tax year have
Spring Budget 2023 – Childcare changes
One of the main areas targeted by the Spring Budget was changes to childcare. Billed as a revolution in childcare, the Chancellor, Jeremy Hunt, said that he wanted to reform the childcare system to
Do I need to file a Self Assessment tax return?
Income taxes and National Insurance contributions accounted for 43% of the UK government-s funding in 2021/22, totaling -230 billion and -161 billion respectively. Much of this is collected from employees via PAYE. However, many individuals will need to submit Self Assessment tax returns if they have more complex sources of income. Why do I need … Continue reading Do I need to file a Self Assessment tax return?
What are P800, P45, P60, and P11D forms?
The P800, P45, P60, and P11D forms are used for the PAYE scheme. Pay As You Earn, or PAYE, is the process whereby the taxes you owe on your income are taken off your pay before you receive it. This is done by your employer, who pays that money to HMRC. If you pay taxes … Continue reading What are P800, P45, P60, and P11D forms?
Tax-Free Childcare scheme supports UK parents
Tax-Free Childcare scheme supports UK parents HMRC has released a reminder to parents about the Tax-Free Childcare (TFC) scheme intended to help pay for February half-term holiday clubs and wraparound care during school terms. The TFC scheme provides an account which parents can pay into regularly to later use to pay registered childcare providers. For … Continue reading Tax-Free Childcare scheme supports UK parents
Should you buy a car through your company?
Wondering whether you should buy a car through your company or buy it personally? Lets look at the options and what their benefits and cons are.- Buying a car personally The vehicle cost is non-deductible from tax.Business trip fuel paid for by the company is tax-free as long as it remains under 45p/mile for the … Continue reading Should you buy a car through your company?