If you owe income tax that can’t be collected automatically – for example, tax on bank interest or your State Pension – HMRC may send you what’s called a simple assessment notice. The notice is a letter which explains how much tax HMRC thinks you owe based on the information they have. It’s important to […]
It’s safe to say that this Autumn’s Budget is possibly one of the most shambolic of recent times. After months of speculation, the Chancellor Rachel Reeves shared a speech which contained very few surprises following numerous media briefings and, rather embarrassingly, a leak of the full OBR report before she even stood up. The main […]
As the self assessment deadline fast approaches, and with AI growing in use, it’s inevitable that many taxpayers are considering whether AI can offer a shortcut for this year’s submission. So are you tempted to use AI – and should you even try? It’s clear that AI is creeping into many aspects of our lives. […]
Running your own business, or being self-employed, offers a chance to conduct your working life on your terms. Yet there are numerous situations which you need to consider, including planning for retirement. So how should you plan for the years ahead? Working for yourself can offer significant benefits but there is uncertainty too. Financial benefits […]
In the Autumn Budget, Rachel Reeves promised that there would only be one fiscal event each year with no other significant tax changes coming more frequently. So would the Spring Statement offer any surprises? In her Spring Statement on 26th March 2025 the Chancellor Rachel Reeves repeatedly mentioned how the world changes rapidly: economic and […]
If you’re building personal savings, it’s useful to understand at what point you might need to pay tax on your funds. However, recently HMRC has begun to estimate the amount of interest due on your savings and collect it through your tax coding notice. So what do you need to know to avoid paying too […]
Holding crypto assets, and trading in crypto currency, have become much more mainstream activities in recent years. Increased scrutiny by HMRC and a new tax reporting framework means that in the future these transactions will need to be included on tax returns. Crypto assets are an increasingly popular type of investment with 10% of people […]
Whether managing your corporate or personal tax affairs, March is a really good time to spend a little while preparing for the impending end of the tax year. As ever, the budget statement on 6th March means a number of changes will take effect from April 6th, requiring due consideration in advance. There are also those perennial matters for which prior planning prevents post-Christmas palpitations – Yes, now is a good time to be thinking self-assessment.
After marginal decreases in property values in the latter part of 2023, and with mortgage interest rates still at their highest in more than a decade, some are using the chance to jump out of the property market, downsize or sell second properties and invest the cash.
If you’re thinking of selling property or downsizing and investing the proceeds, there are a few things you need to consider.
Important – If you are self-employed or in a trading partnership and your accounting year end does not match the tax year (April to March), new annual self-assessment reporting changes will impact you from this tax year.
New legislation that came into force from 1st January 2024, has left many individuals wondering whether they will end up paying tax on incomes generated through a range of online portals such as eBay and AirBnB. News of the reporting changes for digital portals spread like wildfire across social media with some suggesting this was a back door in for HMRC to begin charging tax on sales of unwanted goods and second-hand clothes. But clarity has now been provided to help online sellers and those renting properties via portals such as AirBnB understand what the new legislation is and when it might see them paying additional tax.
Our latest Autumn Tax briefing is now available to download here.