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 […]
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 […]
If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be used to reduce your taxable profit. As a general rule you can claim for items that you would normally use for less than 2 years as allowable expenses such as stationery and other office sundries […]
The enhanced Check Your State Pension forecast service is now available online. The service can be found on GOV.UK at the following webpage https://www.gov.uk/check-state-pension. The new digital service is a joint service by HM Revenue and Customs (HMRC) and the Department for Work and Pensions (DWP). It has been enhanced to include a fully end-to-end […]
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 […]
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 […]
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 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 […]
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 […]