Reference guides

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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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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...

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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...

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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....

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How Making Pension Contributions Can Save You Tax

Making pension contributions can save you tax and at the same time the contributions go towards a retirement fund for your pension. The tax relief you receive is directly linked to your rate of income tax. If you are a basic rate taxpayer, you will receive an extra...

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The complete guide to tax returns for high earners

This free downloadable guide is for people in jobs that pay more than £100,000 per year and who are therefore obliged to complete a tax return. It covers everything you need to know and answers all the most commonly asked questions.

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