The year has not yet ended, and we have our fourth Chancellor, Jeremy Hunt. Brought in by Prime Minister, Liz Truss, after the sacking of Kwasi Kwarteng having held the position for only 38 days.
I know everyone will welcome a hopeful return to stability in the markets that reacted so adversely to the Budget announcement on 23 September 2022; the aftermath saw mortgages rise more than anticipated and the pound fall to record low levels.
On Monday morning, 17 October 2022, Chancellor Jeremy Hunt made an unprecedented television address, pre-empting his Budget changes that were later announced in the afternoon, such was the keenness of the Government to restore some stability after the last few weeks that spooked the nation. More...
Extreme busyness goes with the territory of clinicians when they are occupied with their NHS commitments, private practice and other roles. As their careers progress, it is likely their tax affairs will become more complex and it is easy to miss some vital dates. That can be financially costly as well as increasing the chance of a HM Revenue and Customs (HMRC) inquiry.
Partner, Richard Norbury covers some of the more common tax deadlines you will face during your career
Most readers will surely be familiar with the tax return deadline of 31 January. In recent years, this has been extended to 28 February due to Covid.
But it is expected that the usual 31 January deadline will now be enforced in future. The majority of consultants and GPs will be required to prepare a tax return by this date.
Here are few of the most common reasons why you might need to submit a personal tax return:
- Untaxed income received – for example, self-employed earnings/ dividends/property income/partnership profits;
- Taxable earnings in excess of £100,000;
- Declaration of annual allowance pension tax charges.