HMRC letters to company directors on undeclared dividend income

hmrc letter 1

HMRC is contacting Company directors suspected of receiving dividends without declaring the income on their Self-Assessment Tax Returns Business owners have been receiving letters from HMRC as part of a recent campaign. These letters notify them about the potential requirement to declare dividend income. HMRC has been conducting investigations on company reserves, specifically targeting those…

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Understanding Dividend Tax: A Comprehensive Breakdown for Investors

dividend tax

How much dividend tax will you owe? Get straight to the facts with our deep dive into dividend taxes. This article gives you the lowdown on rates, allowances, and formulas—everything you need to keep your dividend tax bill to a minimum. Stay informed and plan ahead for smarter investment decisions. Key Takeaways Dividend Tax Basics:…

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Business Tax Accountants

business tax accountants

Navigating the UK Tax Landscape: The Role of Business Tax Accountants As a business owner or employer in the UK, you are undoubtedly familiar with the intricate and ever-evolving world of taxation. The UK tax landscape is complex, with numerous regulations, obligations, and potential pitfalls that can impact your financial stability and growth. In this…

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Tax-Free Dividend Allowance

Tax-Free Dividend Allowance

What is the Tax-Free Dividend Allowance? The Tax-Free Dividend Allowance is a specific threshold up to which individuals can receive dividend income without having to pay tax on it. In the 2023/24 tax year, the allowance was set at £1,000. This allowance is relevant to individuals who receive dividends, either from investments in companies or…

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Company Tax Return Essentials: CT600 and Corporation Tax

Three business people discussing the company tax return.

Introduction Welcome to our introduction to Company Tax Returns, CT600, and Corporation Tax. This article is designed to be a valuable resource for business owners, financial professionals, and anyone involved in managing a company’s financial obligations. Understanding the complexities of tax compliance can be challenging, but it is crucial for the successful operation of your…

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From Registration to Recovery: The Complete UTR Number Guide

An example of how to write a letter to a friend about the recovery from an illness.

Understanding Your Unique Taxpayer Reference (UTR) Number Welcome to an essential read from Mercian Accountants, where we demystify one of the critical elements of UK taxation – the Unique Taxpayer Reference (UTR) number. Designed to provide clarity and insight, this guide is invaluable for anyone navigating the UK tax system, whether you’re a self-employed individual,…

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A Comprehensive Guide to P60s: Understanding Your End-of-Year Certificate

A desk with a calculator and a cup of coffee, alongside an End-of-Year Certificate.

Understanding P60s At Mercian Accountants, we understand that navigating the complexities of financial documents can be daunting. That’s why we’re here to help. As part of our commitment to providing clear, accessible accounting guidance, we’re pleased to present our comprehensive guide to understanding P60s. This article will delve into the essentials of the P60, an…

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Four Taxes on Pension Death Benefits

Young woman helping old man on phone

Do you know what will happen to your pension pot when you pass away? Understanding the tax rules as a pension holder is crucial for your beneficiaries (those who will inherit). There are four different types of taxes that can apply to pension death benefits: If you’re looking for help with your pension and later-life…

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Client and Supplier Entertainment – Is It Tax Deductible?

Dining table with plates and cutlery

Entertaining clients and suppliers is an important part of many companies’ marketing budgets, in order to maintain and grow business relationships. However, the tax rules on business entertainment are frequently misunderstood. In most cases, these expenses, along with business gifts, are not tax deductible, so you must add them back to Corporation Tax computations –…

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