by James Hellyer | Dec 9, 2024 | Income Tax
People selling unwanted items online can continue to do so with confidence and without any new tax obligations, HM Revenue and Customs (HMRC) has confirmed. The reminder comes as online platforms start sharing sales data with HMRC from January 2025 – a new process...
by James Hellyer | Dec 4, 2024 | Income Tax
HMRC is encouraging customers to be prepared and have all the information they need ready to file their Self-Assessment tax returns early, so they can avoid any last-minute stress and know what they owe sooner. HMRC has a range of online help and support and YouTube...
by James Hellyer | Oct 28, 2024 | Income Tax
HMRC have kindly reminded us – their online post of 23 October refers – that there are approximately 100 days (to 31 January 2025) to prepare and file a 2023-24 self-assessment (SA) tax return. In their post they say: “More than 3.5 million taxpayers have...
by James Hellyer | Aug 15, 2024 | Income Tax, Pensions
Tax relief on private pension scheme contributions is a significant incentive in the UK, encouraging individuals to save for retirement. Here’s how it works according to GOV.UK: Basic Rate Tax Relief (20%): If you are a basic rate taxpayer, your pension contributions...
by James Hellyer | Aug 13, 2024 | Income Tax
From April 2025, the present tax breaks enjoyed by owners of Furnished Holiday Lets (FHLs) will cease and FHL income and gains will be taxed in the same way as other property businesses. Currently, FHL owners benefit from tax advantages, as compared to non FHL owners,...
by James Hellyer | May 13, 2024 | Corporation Tax, Income Tax
Trivial benefits are small gifts or perks given to employees that are exempt from tax and benefit reporting obligations. But bosses must adhere to certain conditions, such as a cost limit of £50 per employee – or the average cost per employee if provided to a group of...
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