Every year, P60 and P11D forms arrive with little explanation, yet these documents contain vital information about your earnings, tax position, and employment benefits. Understanding them properly can help you avoid overpaying tax and manage your finances more effectively. What Is a P60 and Why Does It Matter? Your P60 is an end-of-year certificate summarizing […]
The 31st January deadline looms large in every tax payer’s calendar. It’s the final date for submitting your self-assessment tax return for the previous tax year and paying any tax owed. But life happens, circumstances change, and sometimes deadlines slip past! If you’re reading this with a sense of dread because you’ve missed the deadline […]
The 31st January Self-Assessment deadline is just a couple of weeks away. If you haven’t filed yet, now’s the time to get your return sorted. Here are our quick tips to help you cross the finish line without the last-minute panic. Your Essential Checklist Gather your documents now. You’ll need your P60 or P45, details […]
With autumn upon us, the 31st January Self-Assessment deadline may feel distant, but savvy self-employed individuals and landlords know that October is the perfect time to get organised. Acting now means avoiding the January rush, maximising your tax efficiency, and ensuring you don’t miss any valuable deductions or planning opportunities. Why October Matters for Your […]
Self-assessment can feel like a maze of rules and deadlines, leaving many people confused about whether they need to file a tax return at all. With the 2024-25 self-assessment deadline approaching in January 2026, now is the perfect time to understand who needs to complete a return and why HMRC requires it. Whether you’re employed, […]
Finding yourself unable to pay your tax bill can be incredibly stressful, but you’re not alone. Many individuals and businesses face cash flow issues that make it difficult to pay their tax on time. The good news is that HMRC recognises these situations and offers several options to help taxpayers. The key is to act […]
For many small business owners and self-employed professionals across the UK, tax season brings unnecessary stress and financial strain. At Whitesides Chartered Accountants, we’ve seen many clients caught out by unexpected tax bills, struggling to find funds at the last minute. But it doesn’t have to be this way. With proper planning and budgeting, tax […]
Filing your first tax return can feel like navigating uncharted territory. Whether you’ve recently become self-employed, started earning additional income, or received a notice from HMRC, understanding the basics of the Self-Assessment process is essential for compliance and peace of mind. This guide will walk you through everything you need to know to confidently complete […]
6th April – Start of the Tax Year The tax year runs from 6th April to 5th April the following year, any income earned in this period needs to be reported on your self-assessment tax return. This is also the date any new tax rates or allowances announced in the budget are implemented. Fun Fact: […]
Payment on account is the means by which individuals completing a self-assessment tax return pay their tax. The Payment On Account system does not apply to all individuals, you will only need to make payments if less than 80% of your income has been taxed at source and your liability is more than £1,000. Tax […]
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