Business news and opinion from Evans Weir > Tag: self assessment

Whether managing your corporate or personal tax affairs, March is a really good time to spend a little while preparing for the impending end of the tax year. As ever, the budget statement on 6th March means a number of changes will take effect from April 6th, requiring due consideration in advance. There are also those perennial matters for which prior planning prevents post-Christmas palpitations – Yes, now is a good time to be thinking self-assessment.

Important – If you are self-employed or in a trading partnership and your accounting year end does not match the tax year (April to March), new annual self-assessment reporting changes will impact you from this tax year.

With house prices at all time highs, mortgage rates on the increase and disposable incomes under pressure, the property rental market has been booming as individuals, couples and families choose to rent rather than buy. If you’re thinking of buying a property to rent or you’re switching your current property to a rental as part of a relocation, you’re going to need to know about the tax implications of doing so.

Following the completion of the latest round of Self-Assessment, HMRC is reported to be looking into undeclared income from short term lettings that it believes should have been included on tax returns in January. Those believed not to have declared income will be sent ‘nudge’ letters.

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 […]