Newly self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. However, HMRC must be officially notified by 5 October following the end of the tax year so that a Self-Assessment return can be issued on … Continue reading What are your responsibilities when going self-employed?
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
Any self-employed person who has more than one source of self-employment is required to pay Class 4 National Insurance Contributions (NICs) on their total taxable profits. Class 4 NICs are paid by the self-employed as a percentage of annual … Continue reading Paying NI if you have more than one source of self-employment
There are a number of reasons why you might need to complete a Self-Assessment return. This includes if you are self-employed, a company director, have an annual income over £100,000, and/or have income from savings, investment, or … Continue reading Who Needs To Register For Self-Assessment?
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?
Having listened to stakeholder feedback from businesses and the accounting profession, the government has announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year … Continue reading MTD For Income Tax Postponed To 2024/25