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February 2024

Fee Insurance and Legal Helpline Cover 2024-25

Our fee insurance scheme for clients is due to renew on 1 April 2024. There are 2 main areas of benefit from the scheme with different clients utilising one or other aspect to greater or lesser extent. 

Do I have to pay tax on selling personal items? | paying tax on selling goods online?

HMRC has published new guidance for taxpayers who regularly sell goods or services through an online marketplace. The guidance clarifies that this activity could be treated as a ‘trade’ for UK tax purposes. If this is the case, taxpayers may need to pay the income tax they earn from buying and selling goods as a trade or business using online marketplaces such as eBay. 

What does full expensing include?| Full expensing of capital purchases

Full expensing gives a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure must be incurred on providing a “main rate” plant or machinery. Full expensing is only available to companies subject to Corporation Tax.

What is the married couple’s allowance for 2023/24? | Who qualifies for married couple’s allowance?

The married couple’s allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal allowance for 2023-24).

What is the deadline for payroll year end submissions? | Year end payroll reporting

It is not that long until the current 2023-24 tax year comes to an end on 5th April 2024 with any final payroll submissions to HMRC due by 19th of April 2024, with a number of year-end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs to be submitted no later than the last payday for your employees of the 2023-24 tax year.  

Tax Diary March 2024

Important tax year dates and deadlines are coming in March.