INCOME TAX ALLOWANCES 2023/24 2022/23 Personal allowance* £12,570 £12,570 Personal savings allowance ● Basic-rate taxpayer ● Higher-rate taxpayer ● Additional-rate taxpayer £1,000 £500 £0 £1,000 £500 £0 Dividend allowance at 0% £1,000 £2,000 Marriage/civil partner transferable allowance**…
Tax relief is one of the best features of using a pension to save for retirement. When you pay into your pension, some of the money that would have gone to the Government as tax goes instead into your pension…
Next phase of digital tax scheme to start in 2026. Making Tax Digital for income tax self-assessment (MTD for ITSA) was originally set to roll out in 2018, but the road to personal tax digitalisation has been relatively rocky to…
How to use this guide 2022/23 has been the third of extraordinary tax years in the modern era. While 2020 and 2021 saw the heights of the pandemic, 2022 saw a surge in inflation mainly due to the continued supply…
After multiple policy U-turns and much uncertainty, the main rate of corporation tax will rise from 19% to 25% from 1 April 2023, affecting companies with profits of £250,000 and over. The legislation provides that small companies with profits up…
HM Revenue and Customs (HMRC) has reminded taxpayers of changes to its bank account. As from 9 August 2011, businesses and individuals will no longer be able to use the old Bank of England account. Any payments directed to the…
Each year, the government introduces regulatory changes affecting businesses on two common commencement dates. These dates are 6 April and 1 October. There are a number of changes due to come into force in April 2011. What follows is a…
HM Revenue and Customs (HMRC) has issued a reminder about important changes that will be affecting corporation tax this April. Under the changes, all company tax returns sent in from April 2011 must be filed online for accounting periods ending…
Taxpayers are being reminded that the date for submitting a paper self-assessment tax return is looming. The cut-off point for paper returns is 31 October. Last year, some 2,467,000 people submitted self-assessment tax returns in paper format. Of those, 2,143,000…
The Treasury has issued nine consultation papers on various aspects of the personal and business tax system in what amounts to a far-reaching overhaul of the entire regime. The papers are asking for views on, among other topics, a reform…