Criteria for self-assessment are changing
Historically, you may have had to file a tax return if your income exceeded the point where the personal allowance starts to be tapered away. This has changed for 2023/24. However, the Autumn Statement also made a further change that will apply from 2024/25. What’s the full story?
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New HMRC guidance on winter fuel payments
HMRC has released new guidance on the recovery of winter fuel payments. What do you need to know?
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Festive tax breaks for remote workers
You’re familiar with the tax break for Christmas parties but you now have a few remote workers, and the company will need to reimburse their travel and accommodation costs if they attend an event. Which costs count towards the tax-free limit and how can you manage any overspend?
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New process for some exports starting in Northern Ireland
Starting next month, businesses that import goods via Northern Ireland will need to change their processes. What do you need to know?
If your tax affairs are relatively straightforward, it can be very frustrating to have to complete a tax return every year. In the past, HMRC has insisted on issuing returns for the following reasons, irrespective of other circumstances:
- Income exceeds £100,000 (the personal allowance abatement threshold);
- There is a liability to the high income child benefit charge (HICBC);
- The individual is a company director.
HMRC now accepts that being a company director is not a valid reason to issue a tax return in and of itself. For 2023/24, it was announced that the income threshold would increase to £150,000, meaning you may be able to request your return for this year be withdrawn if the only reason you have been in self-assessment was that your earnings were more than £100,000. However, the other criteria for self-assessment remain unchanged, so if you have earnings of, say, £120,000 but also have untaxed income of £5,000, you will still need to complete a return.
The 2023 Autumn Statement announced that for 2024/25 the income threshold will be removed altogether. The government is also intending to allow those liable to the HICBC to pay it via a PAYE coding adjustment, though there is no current timetable for this.
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