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September 2023

Tax Diary October 2023 | Important Tax Year Dates and Deadlines

Key dates for your tax diary in October 2023.

What Tax do You Need to Pay if You Move Abroad? | P85 Form Leaving the UK getting your tax right

The P85 form should be completed by individuals to advise HMRC they are planning to move abroad or they have already moved abroad and they intend to work for at least a full tax year. Individuals who complete a self-assessment tax return can tell HMRC of their plans to leave the UK through their return. The “resident” section (form SA109) should be completed and sent by post (this cannot be done online). If you don’t usually complete a self-assessment tax return you should include parts 2 and 3 of your P45 form.  

How to Claim Tax Relief on Private Pension Contributions | Tax relief on pension contributions

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23.There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those years. There also used to also be a lifetime limit for tax relief on pension contributions but this was removed with effect from 6 April 2023.

How to Claim Tax Relief on Employment Expenses | Claiming Tax Relief for employee expenses

If you are an employee who needs to use their own money to pay for things used as part of your employment, you may be able to claim tax relief. In most cases, you can claim tax relief on the full cost as long as you only use these things for your work. Tax relief is reduced if your employer provides a financial contribution towards employment expenses, and no relief is available if you receive all the money back or you are incurring the cost to purchase alternative equipment to that provided by your employer (e.g. you are provided with a basic laptop but you want a better model).  

Do You Need to Tell HMRC About Additional Income When You Have a Second Job? | How to declare your second income on your Self-Assessment tax return.

If you have recently taken on a second job which is classed as a second income, you may need to tell HMRC about the additional income, as it can impact your income tax obligations.