The current explosion in cases of the Omicron variant of Coronavirus and uncertainty about what effect this will have on staff levels in the New Year, has prompted many in the business community to ask HMRC for an extension to the 31st January deadline for the 2020-21 tax return. Earlier…
Here’s some of the key Accounting and Tax dates for 2022: DATEEVENT31st January 2022 Deadline for filing and paying Self-Assessment Tax Returns for tax year ending 5th April 2021, avoiding interest on overdue payments Deadline for filing 2020/21 Capital Gains Tax (CGT)Balancing payment of tax due for 2019-20 First payment…
Having listened to stakeholder feedback from businesses and the accounting profession, the Government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024. This will give the self-employed and buy to let…
In the March Budget an emergency extension to the ‘loss carry back’ rules from one year to three years was put in place by the Government, allowing businesses in ‘troubled waters’ due to the pandemic to claim tax refunds, helping to mitigate losses. Incorporated businesses (including those with de facto…
With the prices for puppies increasing so drastically through the pandemic and some breeds fetching price tags as high as £3,000, HMRC is now reviewing the sale of litters for potential tax revenue. As has been mentioned in a previous post, you can make up to £1,000 profit a year…
With the tax year end only a week away, are you looking for an accountant to deal with your tax returns? In a year unlike any other, if you have been selling items on Ebay or any other platform, HMRC allow a maximum of £1,000 to be earned from what…
Off-Payroll Working Tax (IR35) will apply to the Private Sector from April 2021. The off-payroll working rules can apply if a worker provides their services through their own limited company or an intermediary, which will usually be the worker’s own personal service company, but could also be a partnership, personal…
Self-assessment taxpayers who are due to pay HMRC for their 2019-20 tax return can now access ‘enhanced time to pay’. Although this is potentially available to all self-assessment taxpayers, an automated facility has been set-up on the HMRC website for anyone owing up to £30,000 on their last return. There…
With more of us working from home, there’s some good news for employees from HMRC. Tax relief can now be claimed to cover some of the costs of working from home. An employer can pay an employee £312 every tax year (equivalent to £538 gross for a higher rate taxpayer).…
With the Self-Assessment Tax Return deadline remaining at 31st January 2021, over one million people planning to delay filing their tax returns will face having to pay fines and interest for late submission and payment. Stress due to the current pandemic is causing many people who file self-assessment tax returns…