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
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?
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?
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?
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?
Over the last year we have learned that corporation tax will increase in 2023 and that there will be a 1.25% rise in National Insurance Contributions (NICs) from April 2022 paid by employers, employees, self-employed, and for those with share … Continue reading Are You Ready For The Budget?
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?
The Social investment tax relief (SITR) scheme is a tax relief scheme to encourage individuals to support social enterprises and to assist social enterprises to access new sources of finance. The lifetime maximum amount that social enterprises can … Continue reading What Is Social Investment Tax Relief?
If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,220 from HMRC. The marriage allowance is available to qualifying married couples and those in a civil partnership where a spouse or … Continue reading Are you missing out on marriage allowance?