Self Assessment Archives

Jun 07 2026

Reporting Requirements For Directors

By admin Directors, HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment

From the tax year 2025-26 directors of close companies are required to provide additional information in their tax returns, even where no income has been received. HMRC has updated the self assessment tax return for the tax year just ended (2025-26). The form includes additional boxes on the employment pages…

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.…

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…

Oct 02 2025

Winter Fuel Payment Clawback

By admin HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment, Winter Fuel Payment

Thousands of eligible pensioners will receive a Winter Fuel Payment this winter. Whether or not you can keep the money will depend on your taxable income If you were born before 22 September 1959 and you live in England, Wales or Northern Ireland you could get up to £300 to…

Jun 30 2025

Guidance For Non-Doms

By admin Foreign Income and Gains (FIG), HMRC, Non-Dom, Non-Doms, Potts & Co Accountancy & Business Advice News, Self Assessment

With effect from 6.4.25 the preferential tax treatment enjoyed by UK resident individuals whose permanent home is outside the UK ('non-doms') has been withdrawn Before this date, non-doms could benefit from the remittance basis of taxation for up to fifteen years, essentially exempting their offshore income and gains from UK…

Apr 13 2025

Self Assessment & Student Loan Repayment

By admin HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment, Student Loan Repayments (SLR)

From April 2026 most benefits in kind (BIKs) will have to be processed through the payroll and included on monthly payslips, with a potential knock-on effect for student loan repayments. The mandatory payrolling of BIKs will be implemented in phases, starting from April 2026. The earnings threshold above which student…

Apr 08 2025

Side-Hustle Reporting Threshold Increased

By admin HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment, Self-Employment

The Government has announced plans to increase the threshold above which income from self-employment must be reported via self assessment. Currently, if you earn over £1,000 from self-employment, or a so-called 'side hustle' such as babysitting or dog walking, you need to report this income to HMRC by filing a…

Mar 29 2024

Making Tax Digital: Quarterly Update Returns

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

HMRC has confirmed the mandation dates for making tax digital for income tax self assessment (MTD SA) as announced in the Autumn Statement 2023. From April 2026, taxpayers subject to income tax on their trade, profession, property income or business and who have income above £50,000 will be required to…

Mar 27 2024

Crypto Investors Urged To Declare Gains

By admin Cryptoassets, HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment, Tax Returns

HMRC has reminded investors in cryptoassets that they should declare any income or gains above the tax-free allowance on a tax return. If you hold cryptoassets such as Bitcoin you need to pay tax on any income or gains you have made. Most individuals investing in cryptoassets will be subject…

Dec 01 2023

Overlap Relief Online Tool

By admin HMRC, Overlap Relief, Potts & Co Accountancy & Business Advice News, Self Assessment

The online form for requesting overlap relief information for basis period reform is now live. Overlap profits normally arise in the first two tax years of a new trade where the accounting date of the business does not align to the tax year end and – under the old opening…

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