Personal Tax Archives

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…

Sep 02 2023

HMRC Demands More Data

By admin Dividends, HMRC, Making Tax Digital (MTD), Personal Tax, Potts & Co Accountancy & Business Advice News

HMRC has confirmed that requirements to report additional information will come into effect from the 2025-26 tax year or possibly a later period. HMRC has set out its intention to collect data relating to trade sectors; locations; occupations; hours worked; shareholdings and dividends paid; and self-employed trading dates. Draft legislation…

Sep 01 2023

Nationwide Building Society Bonus

By admin HMRC, Nationwide Building Society, Pensions, Personal Tax, Potts & Co Accountancy & Business Advice News

The Nationwide Building Society has paid what is described as a 'fairer share' of £100 each to around three million of its customers. To qualify for this payment the customer must have held a qualifying current account plus either a savings account (including ISAs) with a balance of at least…

Jun 02 2023

Settle The Tax With A PSA

By admin HMRC, National Insurance, Payroll Settlement Agreement (PSA), Personal Tax, Potts & Co Accountancy & Business Advice News

Occasionally you may reward your employees with something special such as a holiday or a hamper. If the value exceeds the tax-free amount permitted under the rules for say long service awards, trivial benefits or staff suggestions it will be taxable. To avoid your employees getting a nasty shock in…

Mar 29 2023

Allowances Frozen And Cut

By admin Budget Update, Capital Gains Tax, Child Benefit, Dividends, HMRC, Personal Tax, Potts & Co Accountancy & Business Advice News, VAT

It is easy to forget the hidden tax rises which are created by frozen and cut allowances, so here is a quick reminder. The tax-free personal allowance will be frozen at £12,570 for six years from 2021- 22 to 2027-28 and the related marriage allowance is fixed at £1,260 for…

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…

Jun 12 2022

Tax Implications Of Homes For Ukraine

By admin HMRC, Homes for Ukraine Scheme, Personal Tax, Potts & Co Accountancy & Business Advice News, Property

Ukrainian refugees are being hosted by private individuals and organisations in spare rooms and properties across the UK. The Government is providing hosts with a monthly payment of £350 per property, administered by local authorities. This payment is only given to those who register as sponsors through the Homes for…

Dec 21 2021

Use Your Basic Rate Band

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

Personal tax rates have been held steady for a few years, so it made no difference whether you extracted funds from your company in one tax year or the next. This is no longer the case as on 6 April 2022 the tax payable on dividends and the national insurance…

Sep 07 2021

Check Your Tax Calculation

By admin Dividends, HMRC, Income Tax, P800, PAYE, Personal Tax, Potts & Co Accountancy & Business Advice News

Individuals who are taxed under PAYE and who do not complete an annual tax return may receive a tax calculation (on form P800) from HMRC covering the previous tax year. If you have received such a tax calculation, please check it carefully and send a copy to us to check…

Personal Tax