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Self-Assessment HMRC expects Self-Assessment Tax Return as well as any tax payment due to be completed for the Tax Year 2024/2025 - Paper form: 31 October 2024 - Online Submission: 31 January 2025 Nearly half of the 🕰️ has lapsed and if you or your Accountant have not completed your Tax Return as of yet We would suggest to prioritise this Some of the reasons as 👇 - Better planning and understanding of the taxes - Prepared to understand and pay any payment on Account for the following year (If applicable) - More accurately prepared rather than left until the last minute - Be able to raise any queries with HMRC Office if tax has been overpaid as a result of incorrect Tax Code - Less likely to submit the Tax Return late - Less likely to pay the Tax Late - Be prepared better for Making Tax Digital (Expected to begin in April 2026) and this will apply to many individuals If you require any assistance Please feel free to reach out to us Tel: 01212852534 Web: https://lnkd.in/ewYzdMs #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments #business #businessowner #SME #accountant #accountancy #director #soletrader #partnership #incorporation #taxadvice #Crypto

Self Assessment Tax Return 2023-2024 Paper 📄 Return ‼️ Only just over 2 weeks to file the Paper Return If you are filing your own Tax Return then please ensure that you post the Return on time 🕰️ or in fact a few days before 31 October 2024 so it is not treated as late and receive an unnecessary late filing penalty of £100 If you require assistance with your Paper Tax Return then please feel free to reach out We have connections with Accountants all over 🇬🇧 if you wish to appoint someone local Benefits of Filing Online rather than through the Post - Additional time 🕰️ to file 31 January 2025 rather than 31 October 2024 - More time 🕰️ to prepare and calculate the taxes - Prepare and be able to have the funds available for the taxes plus any payment on accounts - Tax Calculations due immediately available online before filing to view before submitting - Most taxpayers can set up their own Government Gateway Account to file - If by using an Accountant, the Tax Return will be more complete and accurate if the Tax Return has several different sources of income Please take action urgently to file the Paper Return or ensure that you benefit from The Online Filing facilities and longer deadline Tel: 01212852534 Web: #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments #business #businessowner #SME #accountant #accountancy #director #soletrader #partnership #incorporation #taxadvice #Crypto

Corporation Tax 💰 Please note the following 👇 - If you have more than 1️⃣ Trading Limited Company then the Corporation Tax threshold is split between the companies - If a Limited Company period is less than 12 months then the profit threshold to determine the Corporation Tax Rate and the amount of Relief is reduced - Corporation Tax has to be calculated accurately ✅ taking into account the allowable/disallowable expenses and allowances Basic Rule 👇 if trade for 12 months and only operate 1️⃣ Limited Company - Corporation Tax starts from 19% for Profits up to £50,000 Profits but will be 25% if the Profits are over £250,000. If the Profits are between £50,000 to £250,000 then the Marginal Relief will be applied If you require an expert to prepare your Annual Accounts on time 🕰️ and CT600 to be filed 🗒️ then please reach out We have a wide reach and connections with other Accountants and Tax Advisors so if you prefer someone local, happy to pass their details in 🇬🇧 Tel: 01212852534 Web: https://lnkd.in/dGpjEqM

Self Assessment Tax Return 2023-2024 Paper 📄 Return ‼️ Only just over 2 weeks to file the Paper Return If you are filing your own Tax Return then please ensure that you post the Return on time 🕰️ or in fact a few days before 31 October 2024 so it is not treated as late and receive an unnecessary late filing penalty of £100 If you require assistance with your Paper Tax Return then please feel free to reach out We have connections with Accountants all over 🇬🇧 if you wish to appoint someone local Benefits of Filing Online rather than through the Post - Additional time 🕰️ to file 31 January 2025 rather than 31 October 2024 - More time 🕰️ to prepare and calculate the taxes - Prepare and be able to have the funds available for the taxes plus any payment on accounts - Tax Calculations due immediately available online before filing to view before submitting - Most taxpayers can set up their own Government Gateway Account to file - If by using an Accountant, the Tax Return will be more complete and accurate if the Tax Return has several different sources of income Please take action urgently to file the Paper Return or ensure that you benefit from The Online Filing facilities and longer deadline Tel: 01212852534 Web: https://lnkd.in/dGpjEqM

Corporation Tax 💰 Please note the following 👇 - If you have more than 1️⃣ Trading Limited Company then the Corporation Tax threshold is split between the companies - If a Limited Company period is less than 12 months then the profit threshold to determine the Corporation Tax Rate and the amount of Relief is reduced - Corporation Tax has to be calculated accurately ✅ taking into account the allowable/disallowable expenses and allowances Basic Rule 👇 if trade for 12 months and only operate 1️⃣ Limited Company - Corporation Tax starts from 19% for Profits up to £50,000 Profits but will be 25% if the Profits are over £250,000. If the Profits are between £50,000 to £250,000 then the Marginal Relief will be applied If you require an expert to prepare your Annual Accounts on time 🕰️ and CT600 to be filed 🗒️ then please reach out We have a wide reach and connections with other Accountants and Tax Advisors so if you prefer someone local, happy to pass their details in 🇬🇧 Tel: 01212852534 Web: https://lnkd.in/ewYzdMs

Capital Gains Tax (CGT) - Declaration There have been many queries 🙋♂️ and confusion 😕 in regards to this topic We would like to clear ✔️ certain issues in order to make it easier for the seller or the seller to appoint a Specialist like an Accountant 👩💼 👨💼 to complete on his or her behalf Capital Gain Tax on the sale of a Residential Property 🏠 There has to be a declaration ☑️ within 60 days of Sale ✔️ There are 2 options to declare 📖 1. Set up a HMRC Account online 🛜 for this (Quickest, simplest, fastest and easiest method to submit the report). Please note this account is separate from a Self Assessment Account Or 2. Download a complete a Paper Form 📝 to send in the post (Although there have been some who have reported that HMRC take quite sometime to process to provide a payment reference The Rates to pay CGT Basic rate tax payer - 18% if total earnings from other sources of income is ⬇️ £50,270 Or Higher rate tax payer - 24% if total earnings from other sources is 🆙 £50,270 Please note some of the tax could be at 18% and some at 24% if other sources of income is < £50,270 but when factor into capital gains the total earnings > £50,270 For this Tax Year 2024-2025 there is £3,000 Capital Gains Exemption Please also note a Gift between spouse/partner is Tax 🆓 Reliefs There are also Reliefs such as Gift Aid/Private Pension Contributions to increase ⬆️ the basic rate band Relief if stayed in the property as PPR (Principal Private Resident) at anytime Last 9 months before sale attracts exemption Penalties There are Penalties for late filing of Capital Gains Tax and late interest for when the Tax was due If you complete a Self Assessment Return you will be expected to note the CGT details of the payment amount and payment reference. Also by ensuring to do this you can see in the calculations whether enough CGT has been paid or not Please consider an expert in order to ensure the ✅ Sale Price and ☑️ Purchase price as the well the costs associated with the sale and purchase is included If you require further assistance or even prefer to have someone local to you to complete any CGT declaration Please contact Tel: 01212852534 Web: https://lnkd.in/ewYzdMs #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments

Capital Gains Tax (CGT) - Declaration There have been many queries 🙋♂️ and confusion 😕 in regards to this topic We would like to clear ✔️ certain issues in order to make it easier for the seller or the seller to appoint a Specialist like an Accountant 👩💼 👨💼 to complete on his or her behalf Capital Gain Tax on the sale of a Residential Property 🏠 There has to be a declaration ☑️ within 60 days of Sale ✔️ There are 2 options to declare 📖 1. Set up a HMRC Account online 🛜 for this (Quickest, simplest, fastest and easiest method to submit the report). Please note this account is separate from a Self Assessment Account Or 2. Download a complete a Paper Form 📝 to send in the post (Although there have been some who have reported that HMRC take quite sometime to process to provide a payment reference The Rates to pay CGT Basic rate tax payer - 18% if total earnings from other sources of income is ⬇️ £50,270 Or Higher rate tax payer - 24% if total earnings from other sources is 🆙 £50,270 Please note some of the tax could be at 18% and some at 24% if other sources of income is < £50,270 but when factor into capital gains the total earnings > £50,270 For this Tax Year 2024-2025 there is £3,000 Capital Gains Exemption Please also note a Gift between spouse/partner is Tax 🆓 Reliefs There are also Reliefs such as Gift Aid/Private Pension Contributions to increase ⬆️ the basic rate band Relief if stayed in the property as PPR (Principal Private Resident) at anytime Last 9 months before sale attracts exemption Penalties There are Penalties for late filing of Capital Gains Tax and late interest for when the Tax was due If you complete a Self Assessment Return you will be expected to note the CGT details of the payment amount and payment reference. Also by ensuring to do this you can see in the calculations whether enough CGT has been paid or not Please consider an expert in order to ensure the ✅ Sale Price and ☑️ Purchase price as the well the costs associated with the sale and purchase is included If you require further assistance or even prefer to have someone local to you to complete any CGT declaration Please contact Tel: 01212852534 Web: https://lnkd.in/dGpjEqM #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments

Non disclosure of Dividends A few years ago in the past there was a large sum of Dividends, which, could be declared from a company without incurring any Personal Tax Dividends Over the years HMRC have started to imposing new rules where tax is deductible on Dividends with £2,000 allowance in 2022-2023 reduced to only £1,000 allowance in 2023-2024 and will be £500 in 2024-2025 Every individual is entitled to the Dividends allowance above regardless of what tax bracket falls into After the Dividends allowance has been utilised then there will be tax at either basic rate 8.75%, higher rate 33.75% or additional higher rate income over £150,000, 39.35% or combination of each depending on the total Gross income in the tax year HMRC are considering to look into Non Disclosure of Dividends HMRC can easily look into Companies House records as well as the Accounts that are filed to them and link with the Director/Shareholders and review the movement in the reserves/profit and loss account If Dividends have not been noted on a Personal Tax Return and tax was due then this will result in late interest/late payment penalty/additional penalty for failing to disclose in a timely manner and could raise further enquiry We would advise for the current tax years and for the previous tax years if the treatment of Dividends have not been disclosed/noted on the Tax Return to come forward as soon as possible If you require further advice or assistance, please feel free to get in touch Tel: 01212852534 Web: https://lnkd.in/ewYzdMs #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments

Non disclosure of Dividends A few years ago in the past there was a large sum of Dividends, which, could be declared from a company without incurring any Personal Tax Dividends Over the years HMRC have started to imposing new rules where tax is deductible on Dividends with £2,000 allowance in 2022-2023 reduced to only £1,000 allowance in 2023-2024 and will be £500 in 2024-2025 Every individual is entitled to the Dividends allowance above regardless of what tax bracket falls into After the Dividends allowance has been utilised then there will be tax at either basic rate 8.75%, higher rate 33.75% or additional higher rate income over £150,000, 39.35% or combination of each depending on the total Gross income in the tax year HMRC are considering to look into Non Disclosure of Dividends HMRC can easily look into Companies House records as well as the Accounts that are filed to them and link with the Director/Shareholders and review the movement in the reserves/profit and loss account If Dividends have not been noted on a Personal Tax Return and tax was due then this will result in late interest/late payment penalty/additional penalty for failing to disclose in a timely manner and could raise further enquiry We would advise for the current tax years and for the previous tax years if the treatment of Dividends have not been disclosed/noted on the Tax Return to come forward as soon as possible If you require further advice or assistance, please feel free to get in touch Tel: 01212852534 Web: https://lnkd.in/dGpjEqM #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments

HMRC Support Line HMRC have been receiving plenty of negative ❌ feedback and publicity over the last few years However, we have been dealing with quite a few PAYE and Corporation Tax issues on behalf of our clients over the last few months We can confirm in order to reassure other - Accountants - Book keepers - Tax Advisors - Businesses That the above helplines waiting time 🕰️ are much less ⬇️ and the HMRC Agents are very helpful and supportive 🤓 We note an example 👇 where a client paid incorrectly Corporation Tax using the Corporation Tax reference rather than their Self Assessment, which was due A phone 📞 call was made to the Corporation Tax office and the issue was resolved ☑️ in a matter of minutes and the payment was swiftly reallocated from the Corporation Tax account to the Self Assessment account Of course, there are other support lines, which require quite significant improvements but being able to know that all enquiries will not be dealt with in the same manner ✅ can hopefully increase some confidence in HMRC amongst the general community, experts and businesses. Please feel free to contact if you require any assistance in dealing with HMRC Tel: 01212852534 Web: https://lnkd.in/dGpjEqM #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments