Money Matters - October 2024 Accounting Newsletter

In this edition our articles include Renters' Rights Bill, dividend & interest tax takes and registering for self-assessment.

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The new Labour government has passed its first 100 days in office and the wait for their first Budget at the end of October is nearly over. Against the background of expected tax rises in the Budget, in this edition of our newsletter, we draw attention to the growing numbers of people subject to taxation in its different forms as well as changes in legislation involving the rental market.

The articles in this issue are:

  • Rental market shake-up The new Renters’ Rights Bill aims to abolish no-fault evictions in England.
  • Dividend tax-take hits record Nearly 3.6 million taxpayers are expected to be facing a tax charge on dividend income for 2024/25.
  • Who needs to register for self-assessment? HMRC recently issued a press release debunking some of the most common myths about who needs to complete a return.
  • Voluntary liquidations The number of companies entering voluntary liquidation is growing. Taking this step allows owners to avoid compulsory liquidation where a creditor, shareholder or director obtains a court winding up order.
  • Making Tax Digital creeps on Self-employed individuals and landlords with turnover of more than £50,000 will have to report their income and expenditure to HMRC using MTD from April 2026.
  • The interest tax trap More people will have to pay tax on their savings interest this year due to increased interest rates coupled with a frozen personal savings allowance.

We hope you enjoy reading the newsletter. Please get in touch if you need help or advice on any of the topics covered.

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