A Unique Tax Reference Number

By Gary Robinson / May 25, 2024

A Unique Tax Reference Number The Unique Taxpayer Reference (UTR) is a UK tax identification number, issued by the HMRC to identify a person or business entity, this identification number is needed when you need to complete a tax self-assessment. This will be your number, and this will be referenced on any letters they send…

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Rollover Relief

By Gary Robinson / March 9, 2024

Rollover Relief When capital gains tax was introduced in 1965, it was recognised that where a person sells an asset used in a business and buys a new asset, tax would be due on any gain arising on the sale, but there may not be any sales proceeds left over to pay that tax. To…

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HMRC Vision 2024

By Gary Robinson / November 25, 2023

Under new plans, HMRC will reduce access to its call centres and helpline advisers at its contact centres by 30% by December 2024 in a bid to force people to move to digital services by default and to try to achieve service level targets. Speaking to MPs at a Treasury Committee hearing on Wednesday, HMRC…

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Do you have a side income?

By Gary Robinson / October 27, 2023

Do you have a side income? If you do then you are probably aware of the requirement to disclose this on your Self-Assessment tax return. It is important to record any side income accurately and HMRC is going to be able to see exactly how much income you receive when using a digital platform from…

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Managing InheritanceTax

By Gary Robinson / April 22, 2023

Like many other taxes, inheritance tax (or IHT) allowances have been frozen. This sounds generous of the chancellor at a time when the government is strapped for cash. But it actually means that we are paying more. Data from HMRC has revealed that Inheritance tax collected between April 2022 and February 2023 totalled £6.4bn, which…

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HMRC fined 300,000 tax payers

By Gary Robinson / February 4, 2023

A record 11.7 million people submitted their tax returns on time, but over 300,000 taxpayers missed the self assessment deadline This compared with 10.2m completed returns by the 2021 deadline, although HMRC did extend the filing period due to the fallout from the pandemic. On 31 January, 861,085 taxpayers filed online to meet the deadline,…

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Change at No10 Downing Street

By Gary Robinson / November 6, 2022

A new period of this government begins for us all, again! We have a new Prime Minister, Rishi Sunak and a new cabinet facing the toughest economic conditions in decades. So what actions can we expect from the government in the next few weeks? Chancellor Jeremy Hunt will outline the UK’s tax and spending programme on…

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A fiscal U-turn without precedent!

By Gary Robinson / October 23, 2022

Over the last few days, we have seen a gradual dismantling of the mini-budget of Friday 23 September 2022, along with the economic policies that Prime Minister Liz Truss based her leadership campaign on. Designed to ensure the UK’s economic stability and provide confidence in the Government’s commitment to fiscal discipline, the emergency statement confirmed:…

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Making Tax Digital (MTD) for income tax

By Gary Robinson / October 16, 2022

Self-employed businesses, partnerships and landlords with annual gross business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2024. Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system, with the aim of making…

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Abolishing IR35

By Gary Robinson / October 1, 2022

The Chancellor has announced plans to abolish the IR35 off payroll working rules for the public and private sector from April 2023 The measure will cost up to £1.1bn a year from 2023-24 tax year, rising to £2.6bn by 2026-27. The off payroll working rules were introduced in 2017 for the public sector and 2020…

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