The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or even until January 2025. The 31 January 2025 is not just the final date for submission of the 2023-24 self-assessment tax return but...
Tax Diary July/August 2024
1 July 2024 - Due date for corporation tax due for the year ended 30 September 2023. 6 July 2024 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2024 - Pay Class 1A NICs (by the 22 July 2024 if paid electronically). 19 July 2024 - PAYE and NIC deductions due...
Are you eligible for tax-free childcare
You can receive up to £500 every 3 months (up to £2,000 a year) for each of your children to help with the costs of childcare. This increases to £1,000 every 3 months if a child is disabled (up to £4,000 a year). If you receive Tax-Free Childcare, you will set up an online childcare account for your child. For every...
Refunds – the legal obligations
If a customer complains that an item you sold them is faulty, is not as described or does not do what it is supposed to do, then you must offer a refund. You do not have to make a refund if the customer: knew an item was faulty when they bought it; damaged an item by trying to repair it themselves or getting...
Muras Matters: Is a Child’s Income Taxable As a Parent’s Income?
Background Parents often provide a child with income from their own assets and in many cases this is done through a settlement or a trust. The income may also be provided by putting shares or other investment vehicles into the child’s name. In such cases consideration needs to be given as to whom the income may be taxable on and whether...
6th July 2024 – a potential deadline for company car drivers
Our new government will be in place by the 4th of July 2024, two days old on the 6th of July, unless there is an unexpected draw, and a re-run is required. But the 6th is a deadline that company car drivers would be wise to note. Does your employer pay for private fuel? If the answer is yes then you are potentially...
6th July 2024 – a potential deadline for company car drivers
Our new government will be in place by the 4th of July 2024, two days old on the 6th of July, unless there is an unexpected draw, and a re-run is required. But the 6th is a deadline that company car drivers would be wise to note. Does your employer pay for private fuel? If the answer is yes then you are potentially...
More protection if buying online
The Digital Markets, Competition and Consumers Act has become law after receiving Royal Assent. The Act paves the way to give consumers rights across the UK, with greater control and clarity over online purchases. It does this by requiring businesses to provide clearer information to consumers before they enter a subscription contract, remind consumers that their free trial or low-cost trial is...
Muras Matters: Benefits of Filing Your Tax Return Early
Background Individuals who are required to submit a self-assessment tax return to HM Revenue & Customs (HMRC) will be familiar with the deadline of 31 January following the end of a tax year as the final due date for submission. Many taxpayers submit their return much earlier than the deadline date and whilst one advantage is that it relieves the stress...
Tax when selling your home
According to HMRC, you would normally have to pay Capital Gains Tax (CGT) on any gain you make if you dispose of: a dwelling house (which can include a house, flat, houseboat or fixed caravan) which is your home; part of a dwelling house which is your home; or part of the garden attached to your home. However, you will be entitled to full...