HMRC offers taxpayers the ability to check their Income Tax for the current tax year. The online portal has been updated for the new 2022-23 tax year from 6 April 2022 to 5 April 2023. The service is
There are a number of reasons why you might need to complete a Self-Assessment return. This includes if you are self-employed, a company director, have an annual income over £100,000 and / or have
The High Income Child Benefit charge applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial benefit of receiving
There are a number of tax reliefs available for self-employed taxpayers that make a trading loss. This includes a partners’ share of partnership trading losses.
There may also be restrictions if the
If you are an employee, you may be able to claim tax relief for using your own vehicle, be it a car, van, motorcycle or bike. There is generally no tax relief for travel to and from your place of
One of the announcements by HMRC at the start of the coronavirus pandemic was the introduction of emergency measures to help those affected by COVID-19 using the existing Time to Pay service. Many
HMRC is using Valentine’s Day to issue a reminder to married couples and those in civil partnerships to sign up for the marriage allowance – if they are eligible and haven’t yet done so.
The marriage
One of the less well-known ways of paying your Self-Assessment tax bill is to do so through your tax code.
This can only be done where all the following apply:
you owe a Self-Assessment balancing
HMRC has confirmed that more than 10.2 million people submitted their 2020-21 Self-Assessment tax returns by the 31 January deadline. This leaves over 2.3 million taxpayers or 19% that have missed the
Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the MTD for ITSA. Under the pilot, qualifying landlords and
Newly self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. However, HMRC must be officially notified by 5 October following the end of the tax year
Where a property business makes a loss, the loss can usually be carried forward and set against future rental business profits. HMRC’s guidance is clear that any losses made in one rental business
