Self Assessment tax return payment on account due 31 July Self Assessment tax return individuals, who owe more than £1,000 in tax, need to pay their latest instalment by 31 July. What is a payment on account? In order to stay ahead of their tax payments, individuals make payments on account twice a year. It
HMRC announces self-assessment tax return penalty waivers HMRC has announced it is waiving late filing and late payment penalties for self-assessment tax return customers. The deadline for filing and paying a 2020/21 self-assessment tax return remains 31 January 2022. However, the penalty waiver will mean that taxpayers can submit their return online by 28 February
If you have made capital gains within the last tax year (6 April 2020 – 5 April 2021) and you are not already registered for self-assessment, you must register on or before 5 October 2021. What is capital gains tax? Capital gains tax (CGT) is levied on the portion of profit (capital gain) you
HMRC can agree time to pay arrangements with those individuals who cannot pay their self-assessment tax bill on time. A time to pay arrangement can be set up using HMRC’s online service, providing the following criteria is met: Owe £30,000 or less Tax returns are up to date There are no other payment plans or
Many are facing higher tax bills this year as deferred bills from last year are beginning to catch up, this has resulted in taxpayers accumulating £4bn in debt with HMRC. The coronavirus pandemic has had a lasting effect on the UK economy, with many people out of work and businesses being forced to temporarily close.
Self-Assessment tax returns are due on 31st January 2021 however, HMRC have stated that late filing fines will not be administered this year, if people can prove they filed late due to implications from the coronavirus pandemic. HMRC are encouraging people to file their tax returns on time, even if they cannot pay the amount
As the deadline for self-assessment tax returns approaches, people are being warned to be aware of scams from fraudsters claiming to be HMRC. Criminals are taking advantage of the self-assessment deadline by sending fake emails and texts, along with fake calls offering ‘tax rebates’ and ‘refunds’ as a way of gaining personal information, in particular
From 1st April 2021, HMRC have confirmed that all companies will be required to complete a supplementary page when claiming for the following: Small and medium-sized enterprises (SME) Research and Development Relief SME Payable Tax Credit SME Research and Development Expenditure Credit The supplementary page (CT600L) will need to be completed when submitting the corporation
The Low Income Tax Reform Group (LITRG) has welcomed the decision to extend the late loan charge spreading elections up to 31st December 2020. The original deadline was 30th September 2020, but was missed by a number of people. A Statement of Practice has been published by HMRC that outlines how they will accept late
HMRC have issued a reminder to anyone who is yet to pay Capital Gains Tax if they sold a second home during the 2019 to 2020 financial year. Any profit made from selling a second home within the UK during 2019 to 2020, needs to be declared on a Self Assessment tax return by 31st
Keep up to date with the key announcements made over the last 2 weeks. Winter Economic Plan The Chancellor, Rishi Sunak has laid out the latest support package for the ongoing coronavirus pandemic. In his speech to the house of commons yesterday, Sunak confirmed that the furlough scheme would indeed end on 31st October as
Today in his speech to the House of Commons the Chancellor, Rishi Sunak announced his latest plans to help protect jobs amidst the ongoing coronavirus pandemic. Whilst the primary goal to protect people’s jobs remains unchanged, Mr. Sunak has confirmed that the way to approach this must change. Mr. Sunak has confirmed that the furlough
