Self Assessment Tax Return 23/24 points

Self Assessment Tax Return 23-24

Some tips to help save some tax and it is not too late ⏰ as long as as actioned before 5 April 2024

If you are a higher or an additional higher rate taxpayer you can get some tax relief resulting in an increase basic tax, which tax is paid on

• Donations (Gift Aid)
• Private Pensions

Other claims (Employee)

• Subscriptions (Expense) if hold an employment role and not reimbursed by the employer and part of the HMRC recognised lists of Regulatory Bodies
• Mileage being reimbursed by employer less than 45p/25p with the difference claimed through a self assessment return
• Working from home if work mainly from home usually claim up to £312 per year
• Tools if use your own for work

Other points

• Only if Gross income is over £125,000 will a tax return 23-24 be required (£100,000: 22/23)
• If the main source of income is employment and there is Dividends up to £10,000 then a Tax Return is not required but HMRC will need to be informed who will be able to calculate the tax due
• Directors of a Limited Company are not required to register for Self Assessment unless they take salary and/or dividends from their OMB

If you require further guidance or think a Self Assessment Return 23-24 will be required after 5 April 2024

Please feel free to get in touch

Tel: 01212852534

Web: www.secureaccountsltd.co.uk

#accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments