Reference guides
to take the mystery
out of tax returns.
Guides
HMRC Holds Director’s Loan Interest Rate at 2.25% for Another Year
In a decision that has caught the attention of many, the UK's HM Revenue and Customs (HMRC) has announced that it will maintain the Official Rate of Interest (ORI) for director’s loans at 2.25% for the upcoming 2024/25 tax year. This decision marks the second...
Navigating UK Personal Tax Allowances for Non-Residents and Dual Residents
If you're a foreign national or living outside the UK but own property there in your personal name, you can access the UK personal tax allowance, which can significantly impact your financial planning. For the tax year 2024-25, this provision exempts the first £12,570...
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...
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...
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...
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...
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...
HMRC Enquiry – What You Need To Know
With the Self-Assessment deadline of 31 January quickly approaching it is an opportune time to remind ourselves of the time limits for HMRC enquiries. The time limits that enable HMRC to open an enquiry into a return are set out in legislation: Section 9A Taxes...
Charity Donations on Tax Return – What You Need To Know
You have made a donation to a registered charity and it’s now time to do your tax return and claim any available tax relief. Claiming the tax relief against your income Making a charitable donation that has been gift-aided will extend your basic rate tax band by the...
What Is The Penalty For A Late Tax Return?
The penalty system for late tax returns and payments has been subject to a number of tweaks in recent years. What’s the position now, and how have rising interest rates affected matters? In this article, we will cover the key points that you need to know....
Got a question for us?
Our team is always on hand to give advice.