Bookkeeping, Accountancy and Taxation services
HMRC has announced that late filing penalties will be waived for taxpayers that file their 2020-21 Self-Assessment returns by 28 February 2022. The due date of 31 January 2022 remains and HMRC is still encouraging taxpayers to try and meet this … Continue reading HMRC agree delay in tax return deadline
A tax calculation is created by HMRC if you have not paid the right amount of tax. HMRC’s annual reconciliation of PAYE for the tax year 2020-21 is now almost complete. HMRC uses salary and pension information to calculate if you have paid the … Continue reading What Is A Tax Calculation?
Student Loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it is HMRC’s responsibility to collect repayments … Continue reading Repaying student and postgraduate loans
There are now less than two months to file your 2020-21 Self-Assessment tax return. Last year over 12.5 million taxpayers were required to complete a Self-Assessment tax return but over 1.8 million taxpayers missed the 31 January … Continue reading Tick Tock…Taxes
The Institute of Chartered Accountants in England and Wales (ICAEW) has issued an update concerning delays that some taxpayers have been suffering in receiving repayments of overpaid tax under Self-Assessment. The tax faculty of the ICAEW was advised … Continue reading Waiting for a self-assessment refund?
HMRC will be contacting you if your turnover is below the £85,000 threshold for VAT registration to alert you of your need to comply with MTD for VAT as of April 2022. MTD for VAT was introduced in April 2019 for businesses with turnover … Continue reading Making Tax Digital for VAT is on the horizon for businesses with turnover below £85,000
In most cases, the statutory filing date for a Corporation Tax return is twelve months after the end of the relevant accounting period. HMRC considers reasonable excuse to be something that stops a company from meeting a tax obligation despite … Continue reading Reasonable excuses for late filing of accounts
As we speculated in a post last week, we expected and were granted, more tax by stealth in the October budget. This time, it was the self-employed who will potentially, be out of pocket. It will affect all self-employed businesses – sole … Continue reading Tax by stealth?
The 2020-21 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2021. The tax deadline for submitting online returns is 31 January 2022. Late submission of a Self-Assessment return will become liable to a £100 late … Continue reading Time to file your tax return
The letters in an employee’s tax code signify their entitlement (or not) to the annual tax-free personal allowance. The tax codes are updated annually and help employers work out how much tax to deduct from an employee’s pay packet. The … Continue reading Have you been issued with a ‘K’ tax code and wondered why?
As many of the government support measures to help employees are coming to an end, HMRC has published an important press release on claiming the Working Tax Credit. During the pandemic, the requirement for employees receiving the Working Tax … Continue reading Working Tax Credit Alert
Most COVID support grants are treated as taxable income in the same way as other taxable receipts and need to be reported to HMRC. The grants are treated as income where the business is within the scope of either Income Tax or Corporation … Continue reading Declaring Covid Support Grants To HMRC
