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Reporting self-employed profits 2023-24

Reporting self-employed profits 2023-24

by | Oct 5, 2023 | Income Tax

The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30 March. There is no change to the rule for companies. The reforms will...
When you can and cannot use the Rent-a-Room Scheme

When you can and cannot use the Rent-a-Room Scheme

by | Oct 5, 2023 | Income Tax

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do not exceed £7,500. The tax exemption is...
Income Tax in Scotland if you have more than one home

Income Tax in Scotland if you have more than one home

by | Oct 5, 2023 | Income Tax

There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of the UK. Where this is the case, the question arises as to whether or not the taxpayer is liable to pay Income Tax in Scotland or elsewhere. As a general rule, the...
Do you need to register for Self-Assessment?

Do you need to register for Self-Assessment?

by | Sep 28, 2023 | Income Tax

Taxpayers that need to complete a Self-Assessment return for the first time are required to notify HMRC. This is a final reminder that the latest date that HMRC should be notified, by new Self-Assessment taxpayers, for the 2022-23 tax year, is 5 October 2023. The...