Personal Tax

Dividend Taxes to Increase from April 2022

Dividend Tax Increase

Dividend taxes are to increase in April 2022. This will affect small business owners who trade as a Limited company. It has been well publicised in the mainstream media that National Insurance contributions are to increase by 1.25%. This increase is to pay for the increased costs of social care and will commence in April …

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Married Couples Allowance – Claim your £251 Tax Free Cash

The married couples allowance for 2021/22 is £251. This is tax free cash which an estimated over 2 million couples don’t claim. Better still, you can claim back for the previous 4 tax years. As a result the total tax rebate can be as high as £1,219. This total is explained later. WARNING: Don’t use …

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Budget 2021 – The Big Freeze on Personal Tax Allowances

The Budget 2021 and the big freeze on personal tax allowances! The UK Budget was announced on Wednesday 3rd March 2021. Many had expected tax rises to pay back the deficit caused by the pandemic. Although many tax rises were avoided, the big freeze on tax free allowances over the next 5 years will effect …

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Tax Code 1257L – How to Check Your Tax Code is Correct?

Tax code 1257L will be the most common tax code for the tax year 2021/22. It is expected to be unchanged until 2026. It replaces tax code 1250L, which was the most popular tax code for the last 2 tax years (2019/20 and 2020/21). Most taxpayers will receive an updated tax coding notice from HMRC …

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Examples of Tax Payable on Bitcoin Profits

Bitcoin and other cryptocurrencies have increased significantly in value over the last few years. At the time of writing on Thursday 11th February 2021, a Bitcoin is priced at $45,531. As a result of this significant growth, many investors are looking to cash in on some of their accumulated profits. The tax on bitcoin in …

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How to Claim the Self-Employment Grant?

UPDATED: 12th July 2020 – There are only 24 hours left to claim the first self-employment grant. The scheme closes at Midnight on Monday 13th July 2020. To make the claim click on the following link HMRC Self-employment grant claim and follow the instructions. HMRC Self-employment Grant Step by Step Video HMRC have released this …

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Coronavirus Self-employed Grant Calculator

Try our Self-employed grant calculator tool to see how much you can claim from the Government. The maximum grant is £2,500 per month. Conditions of the Self-employed Grant Claim To qualify for the grant, self employed individuals must confirm the following: A 2018/2019 tax return has been submitted (and it was submitted by 23rd April …

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What are the Personal Tax Return Penalties?

HMRC will issue personal tax return penalties for late filing and late payment of any tax liabilities due. As accountants and tax advisors we strongly recommend that you file your personal tax return on time. However, should this not be possible, below are the penalties you can expect to be issued by HMRC. Late Filing …

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