Helpline delays at HMRC
HMRC’s self-assessment (SA) helpline will focus on priority queries from 11 December until 31 January. Whilst the helpline is focusing on priority calls in the run-up to the filing deadline, other enquiries will be directed to HMRC’s online digital services, including online guidance, digital
Help to pay your tax this month
If you are having trouble paying your tax on time you may be eligible to receive support from HMRC by applying for an instalment payment plan. An online payment plan for self-assessment tax bills can be used to set up arrangements for paying tax liabilities of up to £30,000.
The large majority of
Rent-a-room relief
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is automatic if you earn less than £7,500
Pensioner Cost of Living Payment
The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were published earlier this year and have recently been updated.
Eligible recipients will receive up to
Income Tax – £5,000 savings zero rate band
If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570 personal allowance. However, it is
The badges of trade
The ‘badges of trade’ tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic trade / business activity or merely a money-making by-product of a hobby.
Careful consideration needs to be given to deciding whether a hobby has become a taxable trading
Marriage allowance entitlement
The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal allowance for 2023-24).
The
Time to Pay tax
If you are having trouble paying your tax on time you may be eligible to receive support from HMRC. An online payment plan for Self-Assessment tax bills can be used to set up instalment arrangements for paying tax liabilities of up to £30,000.
Taxpayers that want to use the online option must have
Closing the door on tax planning
When the end of a tax year passes, the 5 April 2024 for the current year, or the end of an accounting year if a company, any opportunity to take advantage of tax planning strategies closes.
For example, if the purchase of plant or other qualifying equipment is made the day before the cut-off date,
Countdown to Self-Assessment filing deadline
There are now less than 100 days to file your 2022-23 Self-Assessment tax return online. The deadline is 31 January 2024. The deadline for paper returns ended on 31 October 2023.
You should also be aware that payment of any tax due should also be made by this date, 31 January 2024. This includes