Interest on children’s savings
All children in the UK have their own personal allowance, currently £12,570. There are special rules if a parent gifts significant amounts of money to their children which results in them receiving
Correcting errors in VAT returns
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
Types of HMRC enquiries
HMRC can enquire into any statutory return (or amendment of that return) or statutory claim to check if the return / claim has been prepared correctly or if further information is required.
HMRC’s
Falling inflation – what does it mean for you?
The following notes are reproduced from a Treasury statement issued 21 May 2024.
Lower inflation supports people by maintaining the purchasing power of their money.
If prices only rise slowly,
New Brooms
As time passes during the present election campaign, its seems more likely that we may have a change of government from the 5 July.
Labour have disclosed a number of tax changes they would introduce.
Tax Diary July/August 2024
1 July 2024 – Due date for corporation tax due for the year ended 30 September 2023.
6 July 2024 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A
Transferring unused IHT residence nil rate band
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such
Directors and National Insurance
Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary Threshold. The annual threshold is £12,570 in the current 2024-25 tax
Statutory Pay assistance
An employer can usually reclaim 92% of employees’ Statutory Maternity, Statutory Paternity, Statutory Adoption, Statutory Parental Bereavement and Statutory Shared Parental Pay. If the business
Need to register for self-assessment?
There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at
