Hello everyone, we are now half way through the year and have a general election looming. In the midst of a summer of sport and hopefully improving weather there is still plenty to be done with tax returns to complete, July tax payments approaching and planning finances to take advantage of tax efficiencies. As ever, if there are any questions please do get in touch.

Kind regards, 
Simon

Tax returns – a vital part of tax compliance and planning. Every year, we have over a 100 tax returns to complete and they cannot all be done in the last 3 months of the year! We would ask that you send in your tax return and accounts details as soon as they are available and by no later than 30 September. To encourage early submission, everyone who has sent in all their tax year information by 15 July 2024 will be entered in a prize draw for a £50 gift voucher.

We are aiming to complete all tax returns by 30 November 2024 this year so help us to achieve this target by sending in your papers once they are ready. Finally, a big thank you to those who have already brought in their papers it is much appreciated.

31 July payments on account – for those required to make payments on account, the second payment on account is due by the end of July. If you are due to make a payment on account, you should receive a reminder and details of how to pay from HMRC. Clients expecting to make a payment who have not received a reminder by 15 July should contact us to confirm their position. For details of how to pay click Here

Despite the uncertainties due to elections etc, day to day financial house keeping should continue as usual including:

• Contributing to ISAs – there is no need to wait until the end of the tax year to make a contribution;
• Pension contributions – although you cannot predict what if any changes a new government may make if you usually make one-off contributions towards the end of the tax year and cashflow allows you may wish to advance payment;
• Similarly if you wish to invest in EIS and VCT shares there is little to gain from delay if cashflow and opportunity are available.
• Considering realising assets at current tax rates, be aware the annual capital gains exemption is now only £3,000 and reporting requirements for property sales (see below)
• For extracting funds from limited companies, with the increase in corporation tax, the alternatives of salary / dividends/ pension / benefits etc should be carefully considered and account taken of individual circumstances.

60-day reporting requirement for taxable sales of residential UK property. When selling UK residential property which does not qualify for full CGT exemption as a main residence, be aware that the sale has to be reported by submission of a CGT return within 60 days of completion and tax paid at the same time. We would ask clients to contact us concerning any proposed sales of taxable residential properties well in advance of sale so that there is time to obtain all relevant detail, consider any planning and register for CGT as necessary with HMRC.

HMRC Let Property Campaign and other disclosure facilities. Concerned that you may have unreported rental or other income for earlier years? We have experience of dealing with multiple year disclosures and can assist with resolving prior year issues. It is better to approach HMRC to correct prior year issues than wait for them to come calling and should result in a better settlement.

Please feel free to forward this newsletter to any colleagues or friends who may be interested in it.

For more information or to discuss any issues raised above please contact Simon Bell by phone on 01376 571358 or email [email protected]

This article is written in general terms and therefore cannot be relied on to cover specific situations; applications of the principles set out will depend on the particular circumstances involved and it is recommended that you take professional advice before acting or refraining from acting on any material in the newsletter.