Income Tax Archives - Page 2 of 11

30 Jan 25

Self-employed must report profits on tax year basis

Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old "current year basis." Overlap relief is ending, and

30 Jan 25

How to check your tax code

Your tax code determines how much tax is deducted from your pay. While 1257L is the most common, different letters and numbers can affect how much you owe. From marriage allowance

30 Jan 25

Reforms to taxation of non-doms from April 2025

From 6 April 2025, the remittance basis of taxation will be scrapped in favour of a residence-based system. A new 4-year Foreign Income and Gains regime offers tax relief for new

23 Jan 25

How donations to charity can provide tax relief

Gift Aid transforms charitable donations by allowing charities and CASCs to claim 25p extra for every £1 given—at no additional cost to you. Higher and additional rate

16 Jan 25

Penalties for late filing of tax returns

HMRC reports over 63,000 taxpayers filed their returns over the New Year, but 5.4 million still need to act before the looming 31 January 2025 deadline. File now to avoid

09 Jan 25

Last month to file 2023-24 tax return

The 31 January 2025 deadline for self-assessment tax returns is fast approaching. Avoid penalties and last-minute stress by filing your return and paying any tax due promptly.

09 Jan 25

What expenses can be claimed against rental income

Are you a landlord? Maximise your rental income by knowing which expenses you can claim to reduce your tax bill. From maintenance costs to Replacement of Domestic Item Relief,

09 Jan 25

Is your trade in goods or services a business

Selling goods or services? It’s vital to know if HMRC considers this a business. From regular sales to earning commissions, their rules on ‘trading’ impact your tax obligations.

January 9, 2025
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The 31 January 2025 deadline for self-assessment tax returns is fast approaching. Avoid penalties and last-minute stress by filing your return and paying any tax due promptly.

02 Jan 25

Cash-basis default position for self-employed

The cash basis is now the default for self-employed income reporting. Learn about the key updates, opt-out options, and how this simplified method can ease your self-assessment

Income Tax

Self-employed must report profits on tax year basis

How to check your tax code

Reforms to taxation of non-doms from April 2025

How donations to charity can provide tax relief

Penalties for late filing of tax returns

Last month to file 2023-24 tax return

What expenses can be claimed against rental income

Is your trade in goods or services a business

Last month to file 2023-24 tax return

Cash-basis default position for self-employed

CGT holding over gains if you gift business assets

Time off for jury service

LLP salaried members

SJPR