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Personal Taxation

2024 Personal Tax Returns

You must submit a Personal Tax return if, in the last tax year (6 April 2023 to 5 April 2024), you were:

 

  • self-employed as a ‘sole trader’ and earned more than £1,000
  • a partner in a business partnership

 

We will require the following information, in order to complete your tax return, original documents where possible.

  • P60
  • Any P11d benefits
  • Property income
  • Savings income (even if less than £1,000)
  • Capital gains
  • Pensions
  • Dividend vouchers
  • Sole trader accounts
  • CIS deduction statements (if self employed)
  • Student loan statement
  • Child benefit figure received
  • Non-resident information

If you are registered on our Online portal, through Accountancy Manager, we will be uploading a new custom form to make giving us this information quicker and easier.

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Childcare Vouchers and Tax- Free Childcare

Childcare voucher schemes allow an employee to receive childcare vouchers in lieu of up to £55 per week of their wages and no tax or national insurance will be paid on this.  However, this scheme was closed to new applicants with effect from 4th October 2018 (although the scheme continues to run for successful applicants prior to that date, provided certain conditions are met).

The government has introduced a new childcare scheme, called Tax-Free Childcare.   This could provide up to £500 every 3 months, up to £2000 per year, to help with childcare costs for each child.  The funds must be used for approved childcare.  Therefore, the childcare provider must be signed up to the scheme.

To qualify for Tax-Free Childcare, the claimant and partner must be in work for 16 hours a week. Single claimants may also apply. It is possible to claim if on sick leave, annual leave or parental leave (although it is not possible to claim for the child for whom the parental leave is being taken).   If the claimant is not working but the partner is, then it may still be possible to qualify if in receipt of certain benefits or allowances.

Child(ren) are eligible up to 1st September following their 11th birthday.  Adopted children are also eligible, but foster children are not.  If a child is disabled, then it may be possible to qualify for Tax-Free Childcare for longer.

It is possible to receive Tax-Fee Childcare at the same time as receiving 30 hours free childcare if eligible for both.  However, it is not possible to receive Tax- Free Childcare at the same time as receiving Working Tax Credit, Child Tax Credit, Universal Credit or childcare vouchers (if already in receipt of childcare vouchers prior to 4th October 2018).

The HMRC website has a “childcare calculator” link, designed to help work out whether Tax – Free Childcare is the best option, as opposed to other benefits.  It is also possible to apply online for Tax – Free Childcare, again through the HMRC website.

Please contact Tracy if you would like any further information on this.

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Personal Tax Accounts

HMRC are keen for individuals to set up their own personal tax account. It should take about 10 minutes and you will need to identify yourself, so have your NI number to hand and a copy of either your P60 or latest payslip. Once you have set yourself up you can use the account to;

  • check your Income Tax estimate and tax code
  • fill in, send and view a personal tax return
  • claim a tax refund
  • check and manage your tax credits
  • check your State Pension
  • track tax forms that you’ve submitted online
  • check or update your Marriage Allowance
  • tell HMRC about a change of address
  • check or update benefits you get from work, for example company car details and medical insurance
  • find your National Insurance number

If you are self employed you can use it to;

  • find out your Unique Taxpayer Reference (UTR)
  • read any secure messages
  • file your Self Assessment
  • see and print your tax calculation
  • appeal a Self Assessment late filing penalty
  • tell HMRC you’re no longer self-employed
  • see your HMRC Annual Tax Summary online
  • apply to reduce your payments on account if your circumstances change
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When is the Self Assessment Deadline?

You have until 11.59pm on 31st January 2024 to submit your online self assessment tax return for the 2022/23 tax year, which ended on 5th April 2022, to HMRC. This is also the deadline to pay any tax due. If you miss the deadline you will be fined £100. This applies even if you don’t owe any tax or are due a refund!

You’ll need to submit a tax return if, in the last tax year:

  • you were self-employed
  • you got £2,500 or more in untaxed income, eg from renting out a property or savings and investments
  • your savings or investment income was £10,000 or more before tax
  • you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
  • you were a company director – unless it was for a non-profit organisation (eg a charity) and you didn’t get any pay or benefits, like a company car
  • your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
  • you had income from abroad that you needed to pay tax on
  • you lived abroad and had a UK income
  • you got dividends from shares and you’re a higher or additional rate taxpayer – but if you don’t need to send a return for any other reason, contact the helpline instead
  • your income was over £100,000
  • you were a trustee of a trust or registered pension scheme

Harmonea Ltd can submit your tax return for you but don’t leave it to the last minute!Facebooktwitterredditlinkedinmail