Whilst HMRC has announced that it is waiving late filing and late payment penalties on self-assessment tax returns for one month, those required to submit a self-assessment tax return are being urged not to use this as an excuse to delay.
Over twelve million people are now required to submit a tax return and with that number growing each year, more and more people are coming to the process for the first time. The rise in AirBnB lettings, self-employment, the ‘gig economy’ and people having multiple sources of income are the factors driving more taxpayers to self-assessment.
When it comes to tax, you want to be paying as little as possible – tax that is. But for many, the cost of completing a tax return can feel like a tax in itself and you may be inclined to try and pay as little as possible. But is that a wise idea? Do […]
Recent analysis by online pension provider PensionBee has once again highlighted the issue of higher rate pension tax relief not being claimed on pension contributions. The research showed that more than 1 million of Britain’s higher rate tax payers are not claiming pension relief through their personal tax returns. It would appear that eight in […]
HMRC has announced that self-assessment tax returns for the 2020/21 tax year will contain a question relating to pandemic support as it seeks to recover incorrectly claimed monies. If you are required to complete a self-assessment tax return then you will recently have received a notice reminding you to complete your return for the tax […]
Making Tax Digital, the initiative introduced by HMRC in April requiring businesses to keep digital records for the calculation and submission of VAT returns, has met with early reluctance to register. Whilst many businesses may have ignored the passing deadline, in the belief that they were already compliant as a result of using approved accounting […]
With just 12 months until it was meant to be fully launched and having already suffered delays to what was an ambitious roll out plan, HMRC’s Making Tax Digital (MTD) strategy has now been put on hold, indefinitely. In a statement to tax professionals in April, HMRC made it clear that the impact of preparations […]
Despite the Government’s long-term ambition to rid the world of tax returns through the introduction of the Making Tax Digital initiative, January 2018 was another record year for the number processed. Like all necessary evils, no one wants to think about tax returns until it is imperative to do so, but the flip side of […]
In 2016 dividend tax was introduced as a way of levelling up the tax system between employees, the self-employed and business directors/owners. The view of the then chancellor and his successor is that however you are employed and however much you earn, the tax system should be even handed. It was felt that whilst personal […]
It’s January, that means only one thing in accountancy circles – Self Assessment. No, this is not my annual nudge for your paperwork if you have not already provided it (but do please get it to me ASAP), but a realisation that this may be the first last Self Assessment January. Confused..? In the 2016 […]