Introduction As we enter the 2025/26 tax year, keeping track of important HMRC deadlines is essential for both individuals and businesses. Missing these key dates can result in penalties, interest charges, and unnecessary stress. At Whitesides Chartered Accountants, we’ve compiled this comprehensive guide to help you stay organised and compliant throughout the tax year. April […]
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 […]
Introduction Your tax code may look like a random assortment of numbers and letters, but it significantly impacts how much tax you pay each month. At Whitesides Chartered Accountants, we regularly help clients discover they’ve been assigned incorrect tax codes. This straightforward guide explains how to check your tax code, understand what it means, and […]
Introduction The current tax year end is rapidly approaching and now is a crucial time to review your financial situation and ensure you’re taking advantage of all available tax allowances and reliefs. At Whitesides Chartered Accountants, we’ve compiled our top tax-saving tips to help you make the most of the remaining weeks before the 5 […]
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: […]
Not sure what you should do to prepare for the end of the tax year? Here is our handy list of tasks you might want to consider before it’s too late! The tax year ends on 5 April 2023 and now is a great time to get you head round all the tax changes that […]
On Friday Jeremy Hunt was appointed the new Chancellor, this morning he made his first official statement as Chancellor where he reversed almost all the tax cuts announced in the mini budget. I have summarised below the changes he announced, there will be a fiscal plan delivered on 31 October 2022 which we will also […]
On Friday 23 September the new Chancellor presented his mini budget to the House of Commons. Below is an outline of the main points that will affect clients. You should note that there is no Finance Bill accompanying this mini budget, although the legislation for the reduction in the national insurance was introduced into the […]
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 […]
Estimating how much you need to save for your end of year tax bill can be tough, especially if your business has quite a few expenses. If your freelance business provides a service like tutoring or marketing, you may have limited expenses and you will take home a large part of what you turnover. However, […]
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