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 […]
As part of the continued push towards a fully digitised tax system, plans have been outlined by the Treasury for the self-employed to begin paying their taxes on a PAYG (Pay-As-You-Go) basis. Currently, freelancers and the self-employed pay tax annually or bi-annually as part of the self-assessment tax return process and based on their actual […]
Having identified that their calculations may have contained an error, HMRC has announced that it is set to review the tax returns of around 30,000 individuals, to address concerns that some may have been overcharged. The issue is believed to be isolated to tax bills issued in 2016/17 and specifically relating to the personal savings […]
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 […]
Recent HMRC cases against individuals and businesses have once again shone a light on the use and payment of family members in the business. In one case, a tribunal judged that payments to a son had been made out of parental love and affection and were not wholly for the purposes of the trade. In […]
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 […]