TaxAngles- December 2023 Edition
TaxAngles- December 2023 Edition
TaxAngles- December 2023 Edition
Submit your tax return by 30 December to have your tax collected through PAYE
The deadline for submitting your 2022/23 tax return online is midnight on 31 January 2024, but to have your tax collected through PAYE, you need to file your tax return by 30 December 2023. This option allows you to pay what you owe in instalments without interest, under certain conditions.
Reclaiming section 455 tax paid
In personal and family companies, directors need to be aware of tax consequences related to borrowing money from the company. If the loan balance exceeds £10,000, a tax charge would arise, and the company must pay Class 1A National Insurance on the taxable amount.
Can you benefit from the marriage allowance?
The marriage allowance allows one spouse or civil partner to transfer 10% of their personal allowance to their partner, saving up to £252 in tax in 2023/24. Claims for the allowance can be made online for the current tax year and previous eligible years.
