The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal allowance for 2024-25). The allowance works by permitting…
Read more
A new acronym
Most readers of our posts will recognise the acronym CGT or IHT -Capital Gains Tax or Inheritance Tax. And the myriad of other taxes that affect most UK taxpayers in or out of business: IT – Income Tax NIC – National Insurance VAT – Value Added Tax But what about MTD? What is MTD? MTD…
Read more
Check your National Insurance record
There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is available at https://www.gov.uk/check-national-insurance-record In order to use this service, you will need to have a Government Gateway account. If you do not have an account, you can apply to set one up online. By signing…
Read more
HMRC helpline changes on hold
HMRC has been forced into an embarrassing climbdown on plans to close the Self-Assessment, VAT and PAYE helplines from early April until September this year. HMRC has now confirmed that these helpline changes have been abandoned following feedback from many concerned stakeholders, including MPs, accountants and members of the public. This means that the helplines…
Read more