Dec 18, 2024 | Personal Tax
HMRC has introduced a new tool to help individuals with side hustles determine whether they owe income tax on their additional earnings. This comes ahead of significant changes in reporting rules for online platforms, set to take effect in January 2025. The new rules...
Dec 17, 2024 | Personal Tax
HMRC is writing to taxpayers who claimed foreign tax credit relief (FTCR) on employment or other income in their 2022/23 self assessment returns and may be considering similar claims for 2023/24. The letters outline the conditions for claiming FTCR, encouraging...
Dec 12, 2024 | Personal Tax
As the festive season approaches, HMRC is encouraging individuals to plan their finances carefully to avoid unnecessary stress. The advice includes setting a budget for Christmas expenses and considering options to spread the cost of self assessment tax bills due in...
Dec 11, 2024 | Business TaxPersonal Tax
HMRC has introduced an online calculator to assist self-employed individuals and partnerships in determining their overlap relief figures for the 2023/2024 tax year. This tool is designed to aid taxpayers in accurately reporting their taxable profits during the...
Dec 4, 2024 | Personal Tax
The UK Government has announced significant changes to Vehicle Excise Duty (VED) rates, effective 1 April 2025, impacting both new and existing vehicle owners. These adjustments aim to align VED rates with inflation and incorporate zero-emission vehicles into the tax...
