Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old "current year basis." Overlap relief is ending, and transition profits will be spread over five years. Here's how the new system affects your tax bill.The reform to the self-employed tax basis period has introduced significant changes…
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Tax Diary February/March 2025
1 February 2025 - Due date for Corporation Tax payable for the year ended 30 April 2024.19 February 2025 - PAYE and NIC deductions due for month ended 5 February 2025. (If you pay your tax electronically the due date is 22 February 2025)19 February 2025 - Filing deadline for the CIS300 monthly return for…
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What expenses can be claimed against rental income?
Are you a landlord? Maximise your rental income by knowing which expenses you can claim to reduce your tax bill. From maintenance costs to Replacement of Domestic Item Relief, understanding allowable deductions is key to smart property management.If you are a landlord, it is important to be aware of the expenses that can and cannot be…
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Selling online and paying tax
Selling online? Whether it's a hobby or a business, you may need to pay tax if your earnings exceed £1,000. From services to content creation, it's vital to understand self-assessment rules and new reporting obligations for online platforms starting in 2024.If you are selling anything through an online marketplace, it is important to know that…
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