Thursday, February 29, 2024

Streets Chartered Accountants covers tax, national insurance, pensions and more in new news roundup

Streets Chartered Accountants covers tax, national insurance, pensions and more in its latest monthly news roundup.

Corporation Tax marginal rate

The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023…read more

Marriage allowance entitlement

The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or pay tax above the basic rate threshold for Income Tax…read more

Income Tax – £5,000 savings zero rate band

If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on interest received…read more

CGT – Lettings relief

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence…read more

IHT – Giving away your home before you die

The majority of gifts made during a person’s life, including gifting a home, are not subject to tax at the time of the gift…read more

Filling gaps in National Insurance record

National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record…read more

NIC changes for the self-employed

In the recent Autumn Statement, the Chancellor announced two important changes to National Insurance contributions (NIC) for the self-employed…read more

NIC changes for employees from 6 January 2024

In the recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions (NIC) for employees…read more

Tax relief on pension contributions

Taxpayers can usually claim tax relief for their private pension contributions…read more

Help to Save bonus payments

The Help to Save scheme is intended to help those on low incomes to boost their savings…read more

Due a student loan refund?

Student Loans are part of the government’s financial support package for students in higher education in the UK…read more

Childcare support from HMRC

Parents may be eligible to receive childcare support from HMRC using the Tax-Free Childcare (TFC) scheme…read more

Current State Pension age

The second review of the State Pension age has been published by the Department for Work and Pensions. The State Pension age is currently 66…read more

Paying tax by direct debit

One of the many ways that payments can be made to HMRC is by using a direct debit…read more

Tax Diary December 2023/ January 2024

1 December 2023 – Due date for Corporation Tax payable for the year ended 28 February 2023.

19 December 2023 – PAYE and NIC deductions due for month ended 5 December 2023 (if you pay your tax electronically the due date is 22 December 2023).

19 December 2023 – Filing deadline for the CIS300 monthly return for the month ended 5 December 2023.

19 December 2023 – CIS tax deducted for the month ended 5 December 2023 is payable by today.

30 December 2023 – Deadline for filing 2022-23 self-assessment tax returns online to include a claim for under payments to be collected via tax code in 2024-25.

1 January 2024 – Due date for Corporation Tax due for the year ended 31 March 2023.

19 January 2024 – PAYE and NIC deductions due for month ended 5 January 2024 (if you pay your tax electronically the due date is 22 January 2024).

19 January 2024 – Filing deadline for the CIS300 monthly return for the month ended 5 January 2024.

19 January 2024 – CIS tax deducted for the month ended 5 January 2024 is payable by today.

31 January 2024 – Last day to file 2022-23 self-assessment tax returns online.

31 January 2024 – Balance of self-assessment tax owing for 2022-23 due to be settled on or before today unless you have elected to extend this deadline by formal agreement with HMRC. Also due is any first payment on account for 2023-24.

Read more

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