Tax Archives - SJB & Co Chartered Accountants

July 2024 Update – Tax Returns, July payments, property sales and disclosure facilities

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, […]

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Year-end planning tips? How to reduce your tax bill.

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Year-end tax planning tips?How to reduce your tax bill. As the end of the 2023/24 tax year approaches, it is prudent to review your tax affairs and consider whether you can reduce your tax bill by taking advantage of allowances and exemptions that would otherwise be wasted. Key dates For individuals, the 2023/24 tax year

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August 2023 Update

How to prepare your business for an HMRC tax investigation

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How to prepare your business for an HMRC tax investigation As a business owner, the thought of an HMRC tax investigation can be quite daunting. But worry not, we’re here to guide you through the process and provide you with some handy tips on how to prepare your business for an HMRC tax investigation in

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Which way to turn?

Reminder 31 July tax payments

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Reminder 31 July tax payments The second payment on account for self-assessment taxpayers is due by 31 July. You should have already received a reminder from HMRC of the amount due and how to pay. Clients unsure as to what to pay should contact us to confirm the amount due. Details of how to pay

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Tax free income from letting a room in your house?

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If you have one or more spare rooms in your home, you may consider renting them out to generate additional income. If you let a furnished room in your home, you can take advantage of the rent-a-room scheme to earn up to £7,500 tax-free each year. The rent-a-room scheme does not apply where a room

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Employer deadlines- Pay and benefit reporting

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After the end of the tax year, employers need to provide certain information to employees and to HMRC as regards both pay and deductions and taxable expenses and benefits. Key dates Employees must be given their P60 for 2022/23 by 31 May 2023. They must also be notified of any payrolled benefits by 1 June

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Changes to capital allowances from April 2023

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The Chancellor, Jeremy Hunt, presented his Spring Budget on 15 March 2023. There were no changes to the income tax rates and thresholds, which had been announced previously. However, the Chancellor unveiled the successor to the capital allowances super-deduction which ends on 31 March 2023. Key dates The capital allowances super-deduction for companies is replaced

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Inheritance Tax (IHT) – Tax Free Gifts 2022-23

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IHT is payable when a person dies, and their estate exceeds certain limits. It is also potentially payable on gifts made by an individual during their lifetime if the gift was made in the seven-year period prior to their death. Small lifetime gifts can be exempt. These include: Larger lifetime gifts are potentially chargeable to

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