A warning for the 1.1 million taxpayers who missed the 31 January filing deadline. It isn’t just penalties you will be incurring for subsequent late payment, but also late payment interest. A record amount of…
Welcoming Simon Newsham to the Nexa Law Tax Team
As some of you will recall, a few months ago, following an increase in the number of insolvency-related inquiries, I reached out to my LinkedIn contacts for help in finding professionals to join my team…
Have you overlooked a changed tax status?
With allowances frozen or cut, you may have underpaid tax for 2023/24. Your tax position may have changed for the last year without you really noticing. Consider the following: Tax Year 2021/22 2023/24 2024/25 Personal…
Daily penalties come in for late self assessment returns
Around 1.1 million taxpayers who failed to submit the self assessment tax return for 2022/23 on 31 January 2024 now face a £10 daily penalty charge by HMRC. HMRC has imposed a daily penalty of…
Employment Tax: Deductibility of training costs
HMRC has recently published guidance to provide greater clarity about the tax deductibility of training costs for the self-employed. Apart from updating current skills, costs are also deductible if they provide new skills or knowledge…
Another lesson learned in equal pay
Having already paid out over £1 billion in equal pay claims, and now facing claims for further millions, Birmingham City Council’s financial crisis is a stark reminder of why it is so important to get…
Are we witnessing the decline of trusts?
The number of trusts filing self-assessment tax returns for 2021/22 was 37% lower than for 2003/04. The decline comes as no real surprise given the eroding advantages of using a trust and the recent requirement…
Fraud countermeasure drives R&D tax relief changes
The level of fraudulent claims being made for research and development (R&D) tax relief has prompted HMRC to introduce a new procedure: companies must provide detailed information ahead of making their claim. HMRC figures show…
Finalising tax return figures and filing early
HMRC is chasing taxpayers who have submitted tax returns for 2021/22 containing unresolved provisional figures, while also extolling the benefits of filing early for 2022/23. What are provisional figures? A provisional figure is not the…
Behind the numbers on income tax
New income tax statistics from HMRC appear to be good news, but the numbers are not what they seem. Taxpayer’s marginal rate Basic Rate Higher Rate Additional Rate 2020/21 Average tax rate 9.5% 21.8% 38.3%…