Anna’s Accountancy Alerts – Week 43 (22nd – 28th January 2024)

Anna’s Accountancy Alerts

Maximise your ISA

If you’re close to exceeding your personal savings allowance (annual interest of £1,000 for basic-rate taxpayers and £500 for higher-rate taxpayers), make the most of a cash Isa, where your savings can grow tax-free. If you won’t earn enough interest to incur a tax bill, stick to ordinary savings accounts as they typically pay better rates than Isas.

Where to bank if you want branch access

With 5,668 bank branches closed since January 2015 and 78 closures already due in 2024, it’s getting more difficult to bank in person – but not impossible.

In Which? Money latest reviews, Nationwide is the top-scoring provider with a large branch network.

Making Tax digital for income update (MTD ITSA)

The government no longer requires the fifth stage of reporting known as the end of period statement (EOPS) under MTD ITSA

This means there will now only be four quarterly reports, reducing the administrative burden.

The government will simplify and improve the design of quarterly updates to make it easier to amend or correct errors throughout the tax year.

Rather than a total for the three-month period covered within the update, each update will be a cumulative total of income and expenses accumulated during the tax year to-date.

This will remove the need for taxpayers to resubmit a previous update where corrections to previously submitted figures are required.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.