Beware the lower tax exemption for Capital Gains

by Will | Jul 23, 2024 | Capital Gains, TAX

Capital Gains Tax is a tax on the profit made when you sell certain assets that have increased in value. CGT may be due when you dispose of a range of assets. These can include: Shares that aren’t held in a tax-efficiently Property that isn’t your main home Personal...

Started employing staff? Don’t forget the workplace pension…

by Will | Jul 16, 2024 | Pension

Pension auto enrolment was set up in 2012. All employers must provide a workplace pension scheme. This is called ‘automatic enrolment’. UK employers are legally required to set up a workplace pension scheme into which they must enrol their employees and contribute to...

Do you need to register for self–assessment?

by Will | Jul 9, 2024 | Personal Tax, Self-assessment, TAX

HMRC provide an online tool to enable you to check if you need to send a SA return. If you need to register, you must do so before 5 October 2024 for the 2023/24 tax year. The above deadline does not apply where HMRC have already asked you to file a tax return for the...

File your tax return early…

by Will | Jul 3, 2024 | TAX

With the July 2024 payment on account approaching, it may be possible to reduce the amount of this payment. Completing the tax return before that date means the figure can be accurately quantified. Even if it cannot be filed due to some “loose ends”, the amount can...

P11D and Class 1A National Insurance

by Will | Jul 1, 2024 | National Insurance, Payroll, Personal Tax, Planning, TAX

A reminder about payments relating to benefits in kind and National Insurance. Employers must pay Class 1A National Insurance contributions on work benefits given to their employees, such as a company mobile phone Unless taxed through the payroll, forms P11D detailing...