HMRC recommends early filing of tax returns
The 2022-23 tax year ended on 5 April 2023 and the new 2023-24 tax year started on 6 April 2023. Many taxpayers will be happy to leave dealing with their 2022-23 tax returns until later this year or even until January 2024.
The 31 January 2024 is not just the final date for submission of the
Tax on savings interest
If you have taxable income of less than £17,570 in 2023-24 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 important to
Getting a SA302 tax calculation
The SA302 tax calculation and tax year overview documents are commonly used as evidence of income for loan or mortgage purposes for the self-employed. The forms have become more widely used since the mortgage rules have required evidence of income for the self-employed. The SA302 provides this
Cannot pay your tax on time?
The second payment on account for Self-Assessment taxpayers for the 2022-23 tax year is due on 31 July 2023. Taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first payment was due on 31 January 2023. The final balancing payment of tax will be due
Updating your tax return
There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, this can happen if you made a mistake like entering a number incorrectly or missed information from the return.
If you filed your return online, you could
Advising HMRC about changes in your income
There are a number of reasons why you might need to contact HMRC about changes in your income.
HMRC’s guidance states that this could happen because you:
did not realise you needed to tell HMRC about it;
were not sure how to declare it; or
did not declare it because you could not pay the
Tax relief for charitable donations
The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and, provided all the qualifying conditions are met, can reclaim the basic rate tax which provides an extra 25p for every pound donated to
Marriage Allowance how it works
The marriage allowance is available to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not 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
Offshore taxpayers offered chance to come clean
HMRC is currently writing to UK residents who were named in the leaked Pandora Papers and offering them the chance to regularise their tax affairs. The letters are being sent to UK residents named in the files of 14 offshore financial service providers.
During 2021 and 2022, the International
HMRC’s Self-Assessment line summer closure
HMRC’s Self-Assessment helpline closed on 12 June 2023 and will re-open on 4 September 2023. This closure is part of a trial to direct Self-Assessment queries from the helpline to HMRC’s digital services, including online guidance, digital assistant and webchat.
This move has been planned for a