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Category: Income Tax

Higher tax threshold for side hustles: What could it mean for you?

Higher tax threshold for side hustles: What could it mean for you?

Last week, the tax minister responsible for HM Revenue and Customs (HMRC), James Murray, delivered a speech marking the 20th anniversary of HMRC. Previously, the UK’s tax authority was known as Inland Revenue. During the speech he highlighted some simplifications that are planned. Of particular interest was the announcement of plans to increase the Income Tax Self Assessment (ITSA) reporting threshold for gross income from £1,000 to £3,000.

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17th March 2025
Are you thinking about starting a new business?

Are you thinking about starting a new business?

Starting a business in the UK is an exciting venture, but it comes with financial, tax, and accounting responsibilities that you must navigate effectively. Understanding what you will need to do from the outset will help make sure that you don’t miss anything, avoid unnecessary costs, and position your new business for success.

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10th February 2025
Tax return filing deadline looms

Tax return filing deadline looms

With the 31 January Self-Assessment tax return filing deadline fast approaching, HM Revenue and Customs issued a press release last week noting that 5.4 million taxpayers are yet to complete their return. Apparently more than 24,800 people filed their return on New Year’s Day, while a further 38,000 had filed theirs on 31 December. 310 filed their returns between 11pm and midnight.

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13th January 2025
Christmas tax filing: Getting ahead of the deadline

Christmas tax filing: Getting ahead of the deadline

HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their tax returns, ensuring their 2023-2024 tax affairs were in order well before the 31 January deadline. In total, 40,072 taxpayers submitted their returns over the Christmas break, proving that even amidst the festive cheer, there’s always time for a little financial housekeeping.

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6th January 2025
Salary vs dividends: The best way to extract profit in 2025/26

Salary vs dividends: The best way to extract profit in 2025/26

If you trade as a limited company, then you will likely know that balancing salary and dividends is key to extracting profit from your company in the most tax-efficient way. Both methods have distinct implications. and the right mix will depend on your specific circumstances. The Autumn Budget, with its changes to employers national insurance rates and the employment allowance has further complicated the picture.

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9th December 2024
Why staying up-to-date with your accounts is essential: Lessons from a recent insolvency case

Why staying up-to-date with your accounts is essential: Lessons from a recent insolvency case

In a recent court case, a company director from Bury was sentenced to prison for failing to comply with basic accounting and legal responsibilities. Vezubuhle Ndlovu, the former director of VN Electrics Limited, was jailed for 10 months after he failed to provide the required records when his company went into liquidation, leaving over £200,000 in unpaid taxes. This case serves as a stark reminder of the consequences for businesses that do not prioritise accurate accounting, particularly when dealing with financial and tax obligations.

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4th November 2024
Red pen next to a white envelope with the words "Income Tax"

Income Tax

The Chancellor has committed to reduce the basic rate of income tax from 20% to 19%, but not until 6 April 2024. Note that the Scottish

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23rd March 2022

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