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Tax Diary May/June 2024

The ‘Tax Diary’ for May and June 2024 provides essential tax dates and deadlines. It includes due dates for corporation tax, PAYE and NIC deductions, and CIS300 monthly return filing deadlines. The guide helps ensure timely tax compliance and smooth tax management. Remember, staying organized and informed is key.

Class 4 NICs who is liable?

Self-employed individuals with profits over £12,570 must pay Class 4 National Insurance contributions (NICs). Rates for 2024-25 are 6% for...

Post Transaction Valuation Checks

The Post Transaction Valuation Check (PTVC) from HMRC helps individuals and companies calculate their tax liabilities. The service checks valuations...

View and prove your immigration status

The UKVI account allows users to view and prove their immigration status online, update personal details, and check their rights...

Taxable employment benefits from April 2026

From April 2026, the UK government will mandate real-time reporting and payment of taxes through payroll software, ending the filing...

Changes to Scottish Income Tax rates 2024-25

For the 2024-25 tax year, Scottish Income Tax rates will change with a new 45% advanced rate band for income...

Payrolling employee expenses and benefits

Employers can register for payrolling benefits and expenses. Deadlines exist for form submissions, with penalties for lateness. HMRC no longer...

Tax Diary May/June 2024

The ‘Tax Diary’ for May and June 2024 provides essential tax dates and deadlines. It includes due dates for corporation...

Settling energy disputes

The Energy Ombudsman offers free support to businesses, especially small ones, in disputes with energy suppliers. The service covers 99%...

COVID Bounce Back abuse

The Insolvency Service banned 831 directors in 2023-24 for abusing the Covid Bounce Back Loan Scheme, an increase of over...

by James MacDonald

Basis Period Reform: Changes for sole traders and partners

Basis Period Reform is a change in how income tax is calculated for unincorporated businesses, such as sole traders and...

Paying VAT on goods from EU to Northern Ireland

There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern...

VAT retail schemes

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are...

Termination payment clearance process

The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax...

HMRC continues to target till fraud

HMRC has, for many years, looked to target businesses that deliberately undertake electronic sales suppression (ESS).

Using the starter PAYE checklist

Employers that take on a new employee need to work out which tax code and starter declaration to use in...

Accessing the HMRC mobile APP

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store...

What do we mean by profit?

When most business owners refer to business profits, they are likely to mean the difference between sales and costs, and...

New employment protections

New legislation, including three Government backed cross party Acts, came into force from 6 April 2024.

Measures to support household budgets from 1 April

In a recent press release the government confirmed the following policies to support household incomes from 1 April 2024.

To register or not to register

In the recent Spring Budget, the VAT registration threshold was raised to £90,000 (previously £85,000) which means that smaller businesses...

Tax-free mileage expenses

If you use your own vehicle for business journeys you may be able to claim a tax-free allowance from your...
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