Tag: tax
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Changes to Dividend Income Reporting
From 6 April 2025, directors of close companies will face a change in how they report dividend income on their Self-Assessment tax returns. What is changing to Dividend Income Reporting? Currently, directors reporting dividend income on their Self-Assessment tax returns are only required to declare the total amount received across all sources. There is no…
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Tax Relief – What are Capital Allowances ?
Capital allowances are a way of obtaining tax relief for some types of capital expenditure. Capital expenditure being expenditure on items which provide an enduring benefit for trade. They are treated in a similar way to other business expenses when calculating taxable profits. Capital allowances are only available for expenditure on certain types of assets.…
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Tax Relief on Pension Contributions explained
Most people get a government top-up to their pension savings in the form of tax relief on their contributions. The way it is given depends on what kind of pension scheme you are in. Introduction When you save into a pension, the government usually gives you a top-up as a way of encouraging you to…