Tax Tips & News

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01/08/2024

August Tax Tips & News

Welcome to the Lawrence & Co Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

What does the new Government mean for tax?

The time for debate and conjecture is now over. The General Election was settled on 4 July and we now know we have a new Labour Government, giving us a more solid picture of what tax is likely to look like in the near future. Read More...

Could a pension-related IHT proposal help raise money for new Government?	95,000 get £100 fines for late filing – despite no tax being owed
Will one of the tax-raising measures many expect to see at the next Budget surround pensions and IHT?.. Read More...	We regularly remind our self-employed clients of their obligations for filing to HMRC and the deadlines for sending in their Self-Assessment Tax Return, not least because of the significant penalties they can incur for failing to do so... Read More...

New tool may help businesses better understand VAT registration implications

Do you own or work for a business that needs to register for VAT?..
Read More...

August Questions and Answers

August Key Dates

Q: What is the Patent Box regime and what are the benefits for businesses in the 2024/25 tax year? Answer

Q: Dividends: I am set to earn £39,570 for my basic salary in the current tax year. On top of that, I’m due to receive for the first time some dividend payments from shares I own in a company – around £5,000. What are the tax implications for me this year? Answer

Q: My company has missed the deadline to pay our employers’ PAYE bill. We owe £23,000 but the debt is only for the last year. What can we do? Answer

Newsletter issue – August 2024

6^th

Final deadline for businesses for filing P11Ds for employees

19^th

For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on what you’ll owe HMRC

22^nd

Deadline for employers operating PAYE to pay HMRC. This is also the quarterly deadline for businesses that pay per quarter. For those paying by post, the deadline is 31 August

31^st

Corporation Tax Returns are due for companies with year-end of 31 August

About Us

Lawrence & Co Accountants are based in Harrow, offering local business owners and individuals a wide range of services.

All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website www.lawacc.co.uk for more information.

Unit 205, Cervantes House 5-9 Headstone Road Harrow HA1 1PD

Lawrence & Co is a trading name of Lawrence & Co