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July 2023

HMRC issue tax deadline warning

A large number of taxpayers are at risk of a fine if they miss a key deadline at the end of July.

Matthew Grief
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Updating Your Tax Return | How To Amend A Self Assessment Tax Return

There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, this can happen if you made a mistake such as entering a number incorrectly or omitted information from the return.

Mike Wakeford
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Advising HMRC about changes in your income | What changes do You need to report?

There are a number of reasons why you might need to contact HMRC  about changes in your income.  HMRC’s guidance states that this could happen because you: •    did not realise you needed to tell HMRC about it; •    were not sure how to declare it; or •    did not declare it because you could not pay the tax.

Mike Wakeford
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Capital Gains Tax Annual Exemption 2023/24 | How To Work Out Your Capital Gains Tax

The annual exempt amount on capital gains tax for individuals in2023-24 was reduced to £6,000 (from £12,300) and is set to be further halved to £3,000 from April 2024. A married couple each have a separate exemption. This also applies to civil partners who are treated in the same way as married couples for capital gains tax purposes. 

Mike Wakeford
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The Residence Nil Rate Band Explained | What Is The Transferable Residence Nil Rate Band

The Inheritance Tax residence nil rate band  (RNRB) is a proportion of an estate on which tax is payable at a rate of zero percent for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. 

Mike Wakeford
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