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Proof of Employment Expenses Now Required

HMRC has recently tightened its requirements for employees seeking to claim tax relief on work-related expenses through PAYE, emphasising the need for robust evidence to support claims. This change stems from a rise in inaccurate or fraudulent claims, leading HMRC to...

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Understanding Associated Companies and Their Impact

An associated company is a term used to describe the relationship between two or more companies that are interconnected in a manner that allows one to influence or exert control over the other. Here's a breakdown of the key aspects: Definition: When the same...

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What You Need To Know About Private Residence Relief

If the property has ever served as your sole or primary place of residence, you may be eligible for private residence relief. This rule applies to married couples, civil partners, and unmarried individuals, as they can only designate one property as their principal...

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The Criteria For Having To File A Tax Return Is Changing

Changes For 2023/24:   1. Personal Allowance Abatement Threshold: Historically, individuals were required to file a tax return if their income exceeded the point where the personal allowance started to be tapered away (£100,000). For the tax year 2023/24, it was...

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Employed Tax Returns – What You Need To Know

If you are employed and have a total taxable income of more than £100,000 you must send a tax return to HMRC. The tax return will be for the tax year which runs from the 6th of April to the following 5th of April. From 6th April 2024 however, the threshold at which...

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Do I need to complete a 2023 Tax return for HMRC?

There are likely to be many readers who have not completed a Self Assessment return for several years and are maybe unsure as to whether they need to file a return for the 2022/23 tax year.  There are financial penalties for failing to make a return to HMRC when one...

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