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HMRC

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What optimal salary-dividend structure minimizes 2024-25 tax liabilities?

To minimize tax liabilities for the 2024-25 tax year, it is generally most tax-efficient for company directors to take a combination of a low director's salary and regular dividend payments, rather than taking all income as salary. Here's a breakdown of how to optimize this structure: Director's

Filed Under: Budget, HMRC, PAYE, Payroll, Tax

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Top 20 Ways to Save Tax in 2024/25

Tax planning can seem daunting, but with some knowledge and the right strategies, you can significantly reduce your tax bill. This post will highlight some key tax-saving methods for the 2024/25 tax year. 1. Make the Most of Your Personal Allowance Everyone gets a tax-free personal allowance, which

Filed Under: HMRC, Self Assessment, Tax

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Key Highlights of the Autumn Budget 2024

Corporation Tax Making Tax Digital (MTD) Rates relief Inheritance Tax (IHT) Capital Gains Tax (CGT) National Insurance and Employment allowance Capital Allowances 'Full expensing' deduction for leased assets VAT Thresholds Furnished Holiday Lettings (FHL)

Filed Under: Budget, Corporation Tax, HMRC, Inheritance Tax, PAYE, Payroll, Tax

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Going Solo? Get Registered For Self Assessment Quickly

Starting your own business is exciting! But before you dive in, there's one key step: registering as self-employed with HMRC. This ensures you pay the right taxes. The good news? It's: Simple: The registration process is straightforward and hassle-free. One-time: You only need to register once,

Filed Under: HMRC, Self Assessment, Tax

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Making Tax Digital for VAT: a guide to the penalties

Changes to VAT penalties and interest charges if you submit a VAT Return for an accounting period starting on or after 1 January 2023. For VAT accounting periods starting on or after 1 January 2023 there are new penalties for VAT Returns that are submitted late and VAT which is paid late. The way

Filed Under: HMRC, Tax, VAT

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HMRC’s Decision to Close VAT Registration Helpline: A Shift Towards Streamlined Services

Introduction In a recent announcement, HM Revenue and Customs (HMRC) has declared the closure of the VAT registration helpline from Monday, 22 May 2024. This subsidiary of the VAT helpline was specifically dedicated to assisting customers with concerns regarding their VAT registration applications.

Filed Under: HMRC, Tax

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