Income Tax Archives - Potts & Co

Mar 10 2026

Self Assessment Payments Via PAYE

By admin HMRC, Income Tax, PAYE, PAYE Settlement Agreements (PSAs), Potts & Co Accountancy & Business Advice News, Self Assessment

From April 2029, income tax self assessment taxpayers who also have PAYE income will pay some of their self assessment liability via PAYE. Currently, if you owe additional tax due to a previous underpayment HMRC can collect that amount gradually by adjusting your tax code for the following tax year.…

Mar 08 2026

Making Tax Digital For Income Tax Letters

By admin HMRC, Income Tax, Making Tax Digital (MTD), Making Tax Digital For Income Tax Self-Assessment (MTD ITSA), Potts & Co Accountancy & Business Advice News

With just one month to go before the first tranche of individuals are required to sign up to MTD for income tax, HMRC is writing to taxpayers it believes might be affected. From April 2026, sole traders and landlords with qualifying income above £50,000, based on the information included in…

Dec 10 2025

Understanding Simple Assessments

By admin HMRC, Income Tax, PAYE, Personal Tax, Potts & Co Accountancy & Business Advice News, Self Assessment

If you owe income tax that cannot be collected automatically via PAYE, such as tax on bank interest or the state pension, HMRC may send you a simple assessment notice This letter shows how much tax HMRC believe you owe based on information they hold. It is important to check…

Sep 26 2024

Tax Refunds No Longer Automatic

By admin HMRC, Income Tax, PAYE, Personal Tax, Potts & Co Accountancy & Business Advice News, Tax Refunds

HMRC is no longer automatically issuing cheques to refund PAYE overpayments. It is common for employed taxpayers to get to the end of the tax year and find that they have under- or over-paid income tax via PAYE. These discrepancies are calculated by HMRC at the end of the tax…

Mar 28 2024

Mandatory Payrolling Of Benefits

By admin HMRC, Income Tax, National Insurance, PAYE, Potts & Co Accountancy & Business Advice News

The reporting and paying of income tax and Class 1A national insurance contributions on benefits in kind is to be made mandatory via payroll software from April 2026. Most employers who have not entered into a PAYE settlement agreement currently report benefits in kind (BIKs) provided to employees on the…

Mar 16 2024

Furnished Holiday Lets Relief To Be Scrapped

By admin Budget Update, Capital Allowance, Capital Gains Tax, Furnished Holiday Lets (FHL), HMRC, Holiday Rentals, Income Tax, Potts & Co Accountancy & Business Advice News

Owners of furnished holiday lets will lose their entitlement to favourable income tax, capital gains tax and capital allowances as the FHL scheme is abolished. If you own a property that you rent out on a short-term basis for holiday rentals, subject to certain qualifying conditions, you may benefit from…

Nov 25 2022

Income Tax

By admin Child Benefit, HMRC, Income Tax, Personal Tax, Potts & Co Accountancy & Business Advice News

The main income tax thresholds and allowances had already been frozen at the 2021-22 levels until 2026 and that has been extended to 6 April 2028. The main income tax rates are unchanged for 2023-24 at: 20%, 40% and 45%. Individuals in England, Wales and Northern Ireland will start to…

Nov 24 2022

Dividend Tax

By admin HMRC, Income Tax, National Insurance, Potts & Co Accountancy & Business Advice News

Dividends are taxed at much lower rates than other forms of income and they are not subject to national insurance contributions (NIC). This can make taking income from your own company in the form of dividends far more attractive than paying yourself a bonus. All taxpayers are currently entitled to…

Sep 29 2022

Income Tax Cuts Next Year

By admin HMRC, Income Tax, Potts & Co Accountancy & Business Advice News

In last week's Budget, the Chancellor stunned his audience by announcing that both the basic rate of tax and the highest 'additional' rate would be reduced from 6 April 2023. Around 50% of taxpayers only pay tax at the basic rate and they will benefit from that rate being reduced…

Sep 13 2022

Paying Your Income Tax Bill

By admin Budget Payment Plan, HMRC, Income Tax, Potts & Co Accountancy & Business Advice News

If you are worried that you will struggle to pay your tax bill there are two things you can do to help. First, get your tax return for 2021-22 finalised now. This will give you a clear view of how much tax will be payable by 31 January 2023. We…

Income Tax

Self Assessment Payments Via PAYE

Making Tax Digital For Income Tax Letters

Understanding Simple Assessments

Tax Refunds No Longer Automatic

Mandatory Payrolling Of Benefits

Furnished Holiday Lets Relief To Be Scrapped

Income Tax

Dividend Tax

Income Tax Cuts Next Year

Paying Your Income Tax Bill

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