Blog – Page 9 – Sutton Coldfield Accountancy

Tax Changes For Tax Year 2024/25

Written by Tony Shackleford on March 1, 2024.

There are a few significant changes which the government has previously announced to tax rates etc, which are due to take effect at the start of the 2024/25. The principal changes are: a) Reduction...

Capital gains tax exempt band, Class 2 NIC, Class 4 NIC, dividend income exempt band, National Insurance, pensions lifetime allowance, Tax year basis

High Income Child Benefit Charge

Written by Tony Shackleford on November 20, 2023.

The High Income Child Benefit Charge (HICBC) is a mechanism for high earners to have to repay Child Benefit they receive. Where one spouse has income in excess of £50,000 per year, Child Benefit...

Child Benefit, High Income Child Benefit Charge

Student Loan Repayments

Written by Tony Shackleford on November 16, 2023.

HMRC receently announced that certain taxpayers who have student loans have overpaid their student loan deductions. The errors is in respect of approx. 16,000 taxpayers who submit self assessment...

HMRC, Student loan deductions

VAT For On Line Traders

Written by Tony Shackleford on November 7, 2023.

The current regime as regards VAT for online traders, is that where a trader in non-uk based, the online platforms (Amazon Ebay etc) are required to collect UK VAT on the sales made on their...

Amazon VAT, Vat

HMRC Enquiries

Written by Tony Shackleford on October 26, 2023.

HMRC have increased ther number of staff employed in it compliance section by 12%. This has been done in order for the number of tax qnquiries to retuurn to the pre Covid level.

HMRC Enquiries

Pension Tax Relief

Written by Tony Shackleford on July 12, 2023.

The annual cost of income tax relief on pension contributions is £67.3 billion. Of this amount 52% is received by higher rate tax payers. For basic rate taxpayers. personal pension contributions...

Pension tax relief

ESS Software

Written by Tony Shackleford on June 23, 2023.

ESS software is software which is designed to hide certain sales from accounting records and hence understate income on which tax is paid to HMRC. The software is typically used by retail outlets...

ESS software, Tax evasion

Self Assessment Income Threshold Increase

Written by Tony Shackleford on May 30, 2023.

There are a variety of reasons why a tax payer will be required to submit self-assessment tax returns. One of the reasons is if the taxpayers total income exceeds £100,000. It has recently been...

self assessment tax return, Tax Return

Self Employed Tax Return Changes

Written by Tony Shackleford on May 8, 2023.

Currently self-employed individuals are taxed based on the taxable profits earned in the accounting period ending in a tax year. Hence for an individual having annual accounts prepared at the 30...

Sel employed basis period, Self employed tax

Student Loan Repayments

Written by Tony Shackleford on April 26, 2023.

Student loan repayments are payable to The Student Loan Company via HMRC. The loan repayments are collected as a deduction through a payroll scheme for employed individuals and through the...

student loan, Student Loan Repayments

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