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01/10/2024

Mounting speculation of Inheritance Tax changes to come

As speculation mounts that the new Government will soon make changes to raise more money for the Treasury via Inheritance Tax (IHT), it seems we're already set for the highest receipts on record this year. Read More...

A new flat rate for pension tax relief? Budget changes expected	Loophole for fund managers that chancellor called 'absurd' set to be closed
Amid the frequently repeated references to the £22bn 'blackhole' in the public finances and warnings from the Prime Minister of a 'painful' Autumn Budget, it would appear that tax relief on pensions may be another area the Government seeks out to raise mo.. Read More...	One area of potential tax reform that we know we should expect to hear more about on Budget day surrounds the tax treatment of 'carried interest'... Read More...

Seasonal staff warning from HMRC

Many businesses across the UK have peaks and troughs in their trade, depending on the season. And some, as a result, have to take on more helping hands to cover the workload just during that particular spell...
Read More...

October Questions and Answers

October Key Dates

Q: I earn £62,000 and have been offered a bonus that would increase my total income to £95,000. How will this affect my tax, and are there any higher tax bands I should be aware of? Am I right that bonuses are taxed more than normal income? Answer

Q: I'm a long-term non-domiciled resident in the UK - how will the 2025 changes impact my tax status? Answer

Q: My company is considering paying me in cryptocurrency. What are the tax implications for me? Answer

Newsletter issue – October 2024

5^th

Self-Assessment Registration Deadline: if you've become self-employed or earned other untaxed income during the 2023-24 tax year, you must register for self-assessment by this date to avoid penalties.

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.

30^th

The Chancellor will announce the first Budget under the new Government

31^st

Self-Assessment Paper Tax Return Deadline: Last day for submitting a paper version of your self-assessment tax return for the 2023-24 tax year (online submissions have until 31 January 2025).
Corporation Tax Returns are due for companies with year-end of 31 October

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