Making Tax Digital for Income Tax Self Assessment
Making Tax Digital for Income Tax Self Assessment What is Making Tax Digital for Income Tax Self Assessment? Making Tax Digital for Income Tax Self Assessment (or MTD for ITSA…
What is the optimum level of salary to take as a director?
The answer (as is most often the case) is . . . . it depends! There are significant changes coming in from 6 April 2025 with regards class 1 national…
Review your State Pension position before deadline of 5 April 2025
In summary, individuals need a minimum of 10 ‘qualifying years’ to have any entitlement to the State Pension. After 10 years, the more qualifying years an individual has, the more State Pension they will…
Financial benefit of MTD could be as high as £915 million
The financial benefits of MTD for VAT could be as high as £915 million, according to analysis carried out by HMRC. Since April 2022 all VAT-registered businesses should be using MTD…
11.5 million file self assessment by 31 January deadline
More than 11.5 million taxpayers beat the self assessment deadline to file their tax return for the 2023/24 tax year by 31 January and avoid a £100 late filing penalty,…
HMRC cuts late and repayment interest rates
HMRC will reduce late payment and repayment interest rates from 25 February following the cut in the base rate. The Bank of England cut the base rate to 4.5% on…
Parliamentary watchdog accuses HMRC of deliberately ‘degrading’ phone services
Parliament’s spending watchdog has accused HMRC of deliberately running down its phone services to force people to go online, according to a report. The Public Accounts Committee’s (PAC) report into…
HMRC could save millions of hours with tracking system
HMRC could save an estimated 1.7 million hours of call handlers’ time every year if it implemented an automated status tracking system, according to two of the leading bodies for…
Over 40,000 file self assessment over the Christmas break
More than 40,000 taxpayers completed their self assessment returns over the Christmas break, according to figures from HMRC. On Christmas Day 4,400 people filed their tax return online while almost…
5.4 million yet to file their self assessment tax return
With less than a month to go 5.4 million taxpayers still need to complete and pay their self assessment and avoid penalties, HMRC warns. Anyone required to file a tax…
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