Use HMRC’s tax app to save time

A free HMRC tax app is available and offers some useful functionality. In fact, in the 12 months up to October 2022, HMRC received almost 3 million calls from people asking for information that is now readily available on the app.

This included:

  • 354,499 calls from people who forgot/lost their National Insurance number;
  • 444,301 calls from people who wanted their employment history and tax details; and
  • 323,381 calls from people who wanted their tax codes.

The information can also be downloaded and printed – so there is no need to call HMRC to ask for it to be sent in the post.

The APP can be used to see:

  • your tax code and National Insurance number;
  • an estimate of the tax you need to pay;
  • your income and benefits;
  • how much you will receive in tax credits and when they will be paid;
  • your Unique Taxpayer Reference (UTR) for self-assessment; and
  • how much self-assessment tax you owe.

The app can also be used to complete a number of tasks that usually require the user to be logged on to a computer. This includes:

  • make a self-assessment payment;
  • renew and report changes to your tax credits;
  • access your Help to Save account;
  • using HMRC’s tax calculator to work out your take home pay after Income Tax and National Insurance deductions;
  • track forms and letters you’ve sent to us;
  • claim a refund if you’ve paid too much tax; and
  • update your postal address.

The app is available to download from the App Store for iOS and from the Google Play Store for Android.

Source: HM Revenue & Customs Tue, 29 Nov 2022 00:00:00 +0100

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Breaking even – checking the numbers

In previous newsfeeds we have described how you can calculate the level of turnover you need to create in order to meet all your costs whether they be fixed costs (rent, rates etc.,) or variable costs (goods you need to buy to convert into goods you sell).

For example, if your fixed costs are £50,000 per annum and your variable costs are 25% of your turnover, the annual turnover you need to breakeven will be £200,000. The formula is:

Annual fixed costs divided by 25 (the gross profit)

Bereavement Support Payment

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Your payments will be paid into your bank, building society or credit union account.

If you were married or in a registered civil partnership with the person who died

If you were receiving Child Benefit when your partner died (or did not get it but were entitled to it), you will get the higher rate.

This is made up of:

a first payment of £3,500;

Tax codes for employees

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The basic rate limit will be £37,700 (£37,700 in 2022-23) except for those defined as Scottish taxpayers

Properties not let at commercial rates

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In these circumstances, HMRC can take the view that unless the landlord charges a full market rent for a property and imposes normal market lease conditions, it is unlikely that the expenses of the property are

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