HMRC has announced that self assessment customers will not be charged a the initial 5% late payment penalty if they pay their tax bill or make a time to pay arrangement by 1st April 2021. The deadline to submit the tax return and pay any tax owed was 31st January 2021. Interest will continue to…
For business owners, 2020 has been a year of unexpected and unprecedented challenges. Whilst we are all experiencing difficulties we’d never have anticipated before March, some things never change…self assessment season is just around the corner again. The pandemic has put an almighty strain on small business owners’ livelihoods, wrecking havoc on both their business…
The first instalment of your self-assessment tax bill for the 18/19 tax year is due on 31 January 2020.
Plans to abolish Class 2 national insurances contributions have been cancelled as the government announces that it will remain in place.
A very common question for most business owners is whether or not they can claim tax relief on clothing. The basic principle for an expense to be allowed is that it must be incurred wholly and exclusively for business, i.e. for work purposes. HMRC’s Stand Point HMRC’s view follows on from a basic principle established…
As a contractor or freelancer, you may have used the festive break to think about the next steps you will take to improve your business. We hope you also used the holiday to think about your self-assessment tax return as the deadline is looming.
If you are self-employed, it is your responsibility to calculate your tax figure and report this to HMRC by the given deadline. Some reasons why people delay finalising their taxes include: perceived lack of time lack of knowledge not sure where to start weren’t aware there was a deadline lost their log-in details for the…
As you may have heard, the assessment known as ‘simple assessment’ has arrived and with it HMRC’s plan to cut the number of tax returns it issues. Some people are asking if this is the end of self-assessment…in short, no it isn’t. So, what is changing?
