If you or your partner claim Child Benefit, keep the High Income Child Benefit charge (HICBC) in mind.
It sounds entirely shoulder-shruggable but basis period reform is like the bits under the bonnet; it makes the car go. Or, in this case, it helps determine the Income Tax bill.
Let’s face it, nobody likes paying tax but, if you have an income, it’s an inevitable part of life. Fortunately, here at RfM, we have a highly-experienced tax team who are determined to make tax less troublesome for clients.
Making Tax Digital for Income Tax (MTD ITSA) has been postponed again and will now not be mandatory for any taxpayer until April 2026. The logic is that this will give all parties more time to prepare in challenging economic conditions. A revised timetable and other changes were set out in December 2022.
You may have already made use of your Business Tax Account (BTA) – for example, in connection with Making Tax Digital for VAT – but not yet had the chance to explore it fully. HMRC is currently encouraging businesses to log on and discover all the ways they can use their online account.
The government has made some changes to help individuals and business who are struggling to meet the usual tax deadlines.
If you are struggling to pay your second Self Assessment payment on account this month because of the coronavirus, you have the option to defer paying until January 2021.
You can file your Self Assessment tax return as soon as the tax year ends on 5 April and at any point up to the 31 January deadline. But many taxpayers still leave it until the last minute and January is a very busy time for accountants. Whether you are super-organised or panicking about getting your figures together in time, here’s all you need to know about tax returns.