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Types of HMRC enquiries

13/06/2024

HMRC can enquire into any statutory return (or amendment of that return) or statutory claim to check if the return / claim has been prepared correctly or if further information is required. HMRC’s internal manuals state that there is no statutory definition of an enquiry, so it carries its normal dictionary meaning of `seeking...

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Correcting errors in VAT returns

13/06/2024

Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. To do this, the errors must be below the reporting threshold. Under the reporting threshold rule, businesses can make an adjustment on their...

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Interest on children’s savings

13/06/2024

All children in the UK have their own personal allowance, currently £12,570. There are special rules if a parent gifts significant amounts of money to their children which results in them receiving bank interest of more than £100 (before tax) annually. If this is the case, the parent is liable to pay tax on all the interest if it is above...

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Non-resident UK property sales

13/06/2024

There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to report and pay any non-resident Capital Gains Tax (CGT) due if they have sold or disposed of: residential UK property or land (land for these purposes also includes any buildings on the land); non-residential UK...

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Self-assessment payments on account

13/06/2024

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments on account are due on 31 January during the tax year and 31 July following the tax year end date. These payments on account are based on 50% each of the previous year’s net income tax liability. In...

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Multiple Dwellings Relief for SDLT

13/06/2024

It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change has now come into effect for transactions which complete, or substantially perform on or after 1 June 2024. The MDR relief applied to property purchasers who bought more than one dwelling where a transaction or a...

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New Brooms

11/06/2024

As time passes during the present election campaign, its seems more likely that we may have a change of government from the 5 July. Labour have disclosed a number of tax changes they would introduce. To summarise they are: Private school fees will attract VAT at 20% which private schools will no doubt pass on to parents. The Labour...

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Falling inflation – what does it mean for you?

11/06/2024

The following notes are reproduced from a Treasury statement issued 21 May 2024. Lower inflation supports people by maintaining the purchasing power of their money. If prices only rise slowly, people can plan their budgets more effectively - encouraging spending and investment, which fuels the economy. Lower inflation also helps...

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Tax Diary July/August 2024

07/06/2024

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 for month ended...

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Filing your tax return early

06/06/2024

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 also an...

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