The first £12,570 of your income is generally tax free by virtue of the personal allowance. It is important that you make use of the personal allowance each tax year because it cannot be carried forward. Where you are a basic rate taxpayer and your spouse does not pay any tax, it should be possible …
It is probably a bit early for anyone other than accountants to start worrying about MTD – Making Tax Digital, which will impact income tax procedures with effect from April 2023. You may be thinking that this is a long way off yet. However, another major change looks set to be slipped in ahead of …
As you can imagine, for various reasons, Helen and I have not managed to get away for some time. I think the last trip was to a tax conference in November 2019. I know how to show a lady a good time! The Covid restrictions seem to have been around for such a long time …
Payment on Account due 31 July Your second payment on account for 2021 is due on 31 July 2021. The payment on account is calculated as half your tax that you had to pay in the previous year. But that may have been calculated based upon pre-covid profits. So will your tax for 2021 be …
HMRC have said that with quarterly submissions for Income Tax, they will be able to provide taxpayers with an estimate of the tax likely to be due. I think that most of the profession is sceptical and that these estimates are likely to be inaccurate and unreliable. If this is linked to earlier payment of …
I recently read an inspiring article written by an accountant. She is the founder of a progressive accounting practice established about 15 years ago in Englandshire. On 1 April 2021, she almost died. While out walking her dog, her right leg suddenly cramped and stopped working due to multiple arterial blood clots that had lodged …
MTD for Income Tax is coming That means you must have digital records and the ability to file information online with HMRC on a quarterly basis. We can do that for you. MTD ITSA (i.e. for income tax) is due to commence from 6 April 2023 and will apply to unincorporated businesses and landlords with …
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