There are 53 Thursdays and Fridays in the 2023/24 tax year, rather than 52. If you are weekly paid and will be paid on Thursday 4th or Friday 5th April, then you may encounter a ‘week 53’ issue which could impact your tax position.
We often get asked questions about UTR (Unique Taxpayer Reference) numbers. There is a lot of misunderstanding about what a UTR is and what it isn’t. For example, did you know that having a UTR does not necessarily mean someone is self-employed? Read on to find out more about what a UTR does and ...
HM Revenue & Customs (HMRC) have started to issue PAYE codes for the next tax year – 2024/25. You may receive a paper coding notice (form P2), or alternatively an email notification that your new code is available to see in your personal tax account (PTA). In this article, we look at some of ...
This month HMRC are writing to around 100,000 unrepresented self-employed individuals or trading partnerships who do not have an accounting period ending between 31 March and 5 April. The letter is highlighting significant new changes to how these businesses will need to report their accounting ...
HMRC issue some tax refunds automatically. In other cases, you need to actively claim tax refunds. For example, for job-related expenses that you paid for yourself, you need to make a claim by completing form P87. For refunds relating to the 2019/20 tax year, you need to make your claim by 5 ...
The noise about ‘side hustle tax’ is showing no signs of dying down and we are still seeing incorrect information circulating online about the tax position of people selling items via online platforms. We previously published a flowchart trying to provide clarity on the rules. In this, our ...