If you’re submitting a tax return to report unearned income, you may be surprised to find that HMRC expects you to make a student loan repayment too. No matter how much income you make from your rental properties or business activities, if you’re earning more than the minimum wage and have a student loan open, HMRC will require you to repay. The good news is that it doesn’t matter if your property or trading income isn’t enough to cover your whole repayment amount; as long as you make some contribution, HMRC will be happy. Keep an eye out for… It’s […]
Monthly Archives: April 2023
Making Tax Digital (MTD) for self-assessment and income tax was planned to be implemented in 2023. However, the Government has now announced it has been postponed by two years to 2025. This decision was made to give taxpayers sufficient time to prepare themselves before introducing the change. The delay has been welcomed by many businesses and individuals, as it gives them more time to plan and adjust their processes accordingly. Although an exact date has yet to be set for MTD’s full roll-out, the government aims to fully implement the changes by April 2025. In the meantime, self-employed individuals must […]
Currently, the normal company year end date can be changed to any specific date you want. You can extend the date to a maximum of 18 months (longer if your company is facing administration). This can only be changed once every five years (with some exceptions). So it’s safe to say that if you want to do this with your business, you want to get it right the first time. What is the best date to change to? The end of the year? The midpoint of the year? How about the 5th of April? Tax Year The tax year commences […]