Individuals who are taxed under PAYE and who do not complete an annual tax return may receive a tax calculation (on form P800) from HMRC covering the previous tax year.
From 6 April 2023 all unincorporated businesses will have to keep their business records in a digital format and submit quarterly reports derived from those records to HMRC using MTD-compatible software. These are the basic obligations under making tax digital for income tax self assessment (MTD ITSA).
Couples who receive child benefit are in danger of having some of that benefit clawed back as a tax charge if the higher earner has annual income of over £50,000. When the higher earner has income exceeding £60,000 all of the family’s child benefit is clawed back.
Each year company directors have a decision to make to determine whether they need to change their monthly salary for tax efficiency purposes. When it comes to a tax efficient salary for the 2021/22 tax year there are three national insurance thresholds to be aware of: