1 April 2025 - Due date for corporation tax due for the year ended 30 June 2024.19 April 2025 - PAYE and NIC deductions due for month ended 5 April 2025. (If you pay your tax electronically the due date is 22 April 2025).19 April 2025 - Filing deadline for the CIS300 monthly return for…
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Letting out part of your home – claiming lettings relief
Renting out part of your home may affect Capital Gains Tax when you sell. While Private Residence Relief applies, Letting Relief can reduce taxable gains. Learn how PRR, Letting Relief, and exemptions impact your tax liability.If you have tenants in your home, it is essential to understand the Capital Gains Tax (CGT) implications. Typically, there…
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Child Benefits for over 16s
From April 2025, Child Benefit increases to £26.05 for the eldest child and £17.25 for others. Payments stop after a child turns 16 unless they continue in approved education or training. Parents must update HMRC by 31 August to avoid disruptions.Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child…
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Tax liability if you sell a business asset
When selling assets on which capital allowances were claimed, you may need to adjust your taxable profits with a balancing charge or allowance. Understanding these rules ensures you don't face unexpected tax liabilities. Learn how to handle asset disposals correctly.Typically, the value of the asset sold is considered to be the amount for which it…
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