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
HMRC self-assessment reminder HMRC is reminding self-assessment taxpayers to declare Covid-19 grants on their 2020/21 tax return. This includes Self-Employment Income Support Scheme (SEISS) grants, which are deemed taxable income. It has been reported that more than 2.7 million people claimed at least one of the SEISS grants, up to 5 April 2021. During the
HMRC figures show that approximately 1.1million taxpayers had still not filed their self-assessment tax return on 2nd March 2021. These taxpayers have already incurred a £100 fine and will face a 5% late-payment penalty, if they do not take action by 1st April. HMRC has issued more than £100million in fines to those taxpayers yet
HMRC has announced that self-assessment taxpayers will not be charged an initial 5% late payment penalty, if they pay their tax or set up a Time to Pay arrangement by 1st April. A Time to Pay arrangement allows for payments to be made in monthly installments up until January 2022. Whilst the late payment penalty
Earlier this week, HMRC announced that there would be no late filing penalty for Self-Assessment (SA) customers who file online by 28th February 2021. The late filing penalty easement applies to forms SA100 (individual tax returns) however, SA returns filed by paper in February will not benefit from the easement. HMRC has also confirmed its
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
Professional bodies, including The Chartered Institute of Taxation, are urging trustees and agents to update their details on the Trust Registration Service or make a ‘no change’ declaration by 31st January 2021. HMRC have provided clarification for completing the 20.1 tick box question on the Trust and Estate return (SA900). Trustees and agents should ensure
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
Corporation tax returns are due 12 months after the accounting period ends. For many companies the accounting period ends on 31st December therefore, 31st December 2020 will be the filing deadline for accounting periods ending on 31st December 2019. HMRC are urging businesses to file their corporation tax returns by the relevant deadline. Due to
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
HMRC have updated their ‘How to contact HMRC to discuss a time to pay arrangement’ section on their website. New information includes how it may be possible to set up a payment plan online, for a self-assessment tax bill, without contacting HMRC. A payment plan, for a self-assessment bill, can be set up to spread
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
