RiverView Portfolio - Devizes Office

27/02/2024

Records show that over 1 million people who were due to submit a 22/23 tax return still haven’t done so, despite the fact the deadline for submission was 31st January 2024.

If you are one of those people, you will have already have a £100 late filing penalty. We urge you to act now to prevent this sum increasing - daily £10 penalties start from 1st May 2024.

Any outstanding tax should also be paid, even if it’s just a best estimate at this point, as penalty interest is currently charged at 7.75%, and a penalty of 5% of the tax owed will apply on 1st March 2024.

Are you being chased but don't think you need to do a return? You must inform HMRC and if they agree, they will withdraw the request along with any penalties, however until this point, penalties will accumulate.

As always, we are on hand to help, so if you need any support please get in touch and we will see how we can assist you.
📞01249 816810
📧[email protected]
💻www.riverviewportfolio.co.uk.

31/05/2023

Our Tax Manager Paul Gosling gets asked a lot about Inheritance tax issues and in particular about the annual exemption amount of £3,000 but what people don't seem to know so much about is "gifts out of income". In fact it can be a useful tool in IHT planning but seem to remain underused.

Put it in simple terms if you have surplus money after meeting your cost of living expenses you may be able to gift this surplus with no IHT consequences as the 7 year rule does not apply to this type of gift.

If you think this may apply to you or you wanted to talk about IHT issues in general including Trusts, Probate or even Lasting Powers of Attorney then contact Paul on [email protected]

26/04/2023

HM Revenue and Customs (HMRC) will issue 1.5 million annual tax credits renewal packs for the 2023 to 2024 tax year to customers between 2 May and 15 June 2023.

Once families receive their annual renewal pack you will have until 31 July 2023 to check the information is correct and notify HMRC of any changes to their circumstances which may affect the claim.

Tax credits help working families with targeted financial support, so it is important that people do not miss out on money they are entitled to.

There are two types of renewal packs:

If it has a red line across the first page and says ‘reply now’, families will need to confirm their circumstances to renew their tax credits

If it has a black line across the first page and says ‘check now’, you will need to check that the details are correct. If they are, then no further action is required and the tax credits will be automatically renewed

More than 500,000 tax credits customers will need to reply to HMRC by the deadline to confirm their circumstances for the 2023 to 2024 tax year, or risk having their payments stopped.

12/04/2023

There aren't to many people who get to say Happy New Year twice in a year but accountants and tax people like us at RiverView Portfolio - Devizes Office do, mind you even Paul Gosling our singing taxman doesn't sing Auld Lang Syne in April!

Have you started your planning for the 2023/24 tax year, if not then contact Paul at [email protected] and see how we can help you and your business.

RiverView Portfolio are your value added accountants providing Accounts, Bookkeeping, Tax and more services to local businesses & entrepreneurs

29/03/2023

AS we are about to enter a new tax year next week perhaps sooner rather than later is the time to start looking at tax planning for 2023/24 and get those plans in action so that they are working for you whole year rather than leaving it until the last minute as the end of the year.

If you would like to have a chat about the next tax year taking into account the changes that are coming into effect on 6 April then contact our tax manager for an initial conversation at [email protected] or on the link below.

29/03/2023

Following up from our earlier post, Paul still has a couple of available slots on 19 April if anyone would like to meet up with him just pop him an email at [email protected] and see what can be arranged.

RiverView Portfolio are your value added accountants providing Accounts, Bookkeeping, Tax and more services to local businesses & entrepreneurs

09/03/2023

Our Tax Manager Paul Gosling likes to meet up with our clients and contacts on a regular basis and so we are happy to say he will be in the Bournemouth/Southampton area on Wednesday 19 April if any clients, property businesses or businesses with general tax issues would like to meet up with him during the day then email him at [email protected].

He will be representing us at the network event at Marsham Court Hotel between 6pm and 8pm but happy to arrange a time during the day if anyone would like a chat. www.riverviewportfolio.co.uk -

RiverView Portfolio are your value added accountants providing Accounts, Bookkeeping, Tax and more services to local businesses & entrepreneurs

09/01/2023

As we head towards the end of January and the deadline for filing the 2022 self-assessment tax returns bear in mind that the balancing payments due for 2021/22 and the first payment on account for 2022/23 is also due to be paid by 31 January 2023.

With that in mind please also note that the interest rate on late payment of taxes went up from 6 January to 6%. This compares to a rate of just 2.75 per cent in January 2022!

If you feel you may have issues paying your tax liabilities then talk to HMRC now about seeing if you can put a payment plan in place.

05/01/2023

There were just over 3,500 Tax Returns filed on Christmas Day this year with a further 32,000 filed over New Years Eve and New Years Day. Have you completed yours yet as only a few more days to go.

Remember unlike the last couple of years where due to COVID there were extensions to the deadline there are no extensions this year and interest will start to accrue on unpaid tax from 1 February

15/11/2022

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