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
Yesterday (23rd March) the government published a series of consultations which outlined the plans to modernise Britain’s tax system, whilst rectifying flaws that cost £31bn every year. Here are some of the key announcements: Freelancers/self-employed to be taxed like employees The government will review the ‘pay-as-you-go’ system to start taxing self-employed workers in the same
Following the Chancellor’s Budget announcement earlier this month, HM Treasury will reveal documentation on future tax policies on 23rd March. HM Treasury are expected to announce information regarding technical administration of the tax system, such as moving online. However, Rishi Sunak could potentially announce a number of possible tax changes. In the Budget, Chancellor Rishi
As the government announced an emergency extension to the ‘loss carry back’ rules in the Budget earlier this month, thousands of small business owners who have lost money, due to the coronavirus pandemic, can claim more than £1bn in tax rebates. Businesses now have the option to claim back profit and income taxes paid over
Coronavirus Job Support Extended by Chancellor On 5th November 2020, the Chancellor announced in the House of Commons that he would be extending the Furlough Scheme and the Self-Employed Income Support Scheme, following the news of a second national lockdown for England. The Furlough Scheme was set to end in December 2020 however, it has
In an announcement today, Chancellor Rishi Sunak confirmed the Furlough Scheme will be extended until the end of March 2021. The government will pay employees, who are on the Furlough Scheme, 80% of their wages however, employers are still expected to make contributions to National Insurance and pensions for hours not worked. The scheme is
Following on from Boris Johnson’s announcement to extend the Furlough Scheme through until December, it has been further announced that the Self-Employment Income Support Scheme grant will also be extended. The scheme will last for 6 months from November 2020 to April 2021 with grants being paid in two instalments, each covering a three month
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
New measures have been announced by the UK government to help prevent businesses who are unable to meet debts as a result of the COVID-19 pandemic These measures are an attempt to help business owners from having to file for bankruptcy and putting their companies into liquidation. The new rules will allow companies undergoing restructuring
STS Europe are offering a 50% discount for new clients on our self-assessment tax return service. After last nights announcement, individuals have 4 weeks to submit their SA tax return in order to qualify for the self-employed pay support measures. We will prepare and submit any 2018/19 tax returns for those who are yet to
Tonight, Chancellor Rishi Sunak announced support for the self-employed. The scheme introduced is aimed to assist 95% of those who are currently self-employed. As stated during the chancellor’s briefing, the Government will pay those who are self-employed a grant of 80% of their average monthly profits over the last 3 years – up to a
