It can be a misconception that you must wait until January to file your tax return.

One of the many ways payments can be made to HMRC is by using a direct debit. The direct debit can be set up online.

 

One of the many ways payments can be made to HMRC is by using a direct debit. The direct debit can be set up online.

 

In preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment, the basis period rules for unincorporated businesses are being abolished. In its place, unincorporated businesses will be assessed on the profits actually earned in the tax year.

HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for one month giving Self-Assessment taxpayers extra time (if required) to complete their 2020 to 2021 tax return and pay any tax due. 

The government has delayed the start of MTD ITSA (Making Tax Digital for Income Tax Self-Assessment) from 6 April 2023 to 6 April 2024 for self-employed businesses and landlords, with MTD for general partnerships postponed to 6 April 2025. 

HMRC must prepare for busiest month with self-assessment deadline looming 

Those who have still not submitted all of their self-assessment filing information will need to complete their 2019-20 tax return as soon as possible as the 31 January 2021 moves closer.
 

Most taxpayers who are within self-assessment and who have an annual tax liability in excess of £1,000 will expect to have to pay tax at the end of January and July each year, and HMRC are currently in the process of sending out statements for the payment due at the end of July.

Most taxpayers who are within self-assessment and who have an annual tax liability in excess of £1,000 will expect to have to pay tax at the end of January and July each year, and HMRC are currently in the process of sending out statements for the payment due at the end of July.

When most people think of October 31st, ghosts, goblins and ghouls spring to mind.
 

When most people think of October 31st, ghosts, goblins and ghouls spring to mind.
 

I have been appointed as executor - when does this start?

As an executor or personal representative you may consider that your responsibilities start at the date of death. 
 

A reminder that HMRC may consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities.

A reminder that HMRC may consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities.

On Friday 1st February, HMRC announced that over 93% of taxpayers filed their self-assessment tax returns on time and before the 31st January deadline.

On Friday 1st February, HMRC announced that over 93% of taxpayers filed their self-assessment tax returns on time and before the 31st January deadline.

On Friday 1st February, HMRC announced that over 93% of taxpayers filed their self-assessment tax returns on time and before the 31st January deadline.

See important tax dates for January here.

See important tax dates for January here.

As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now.

As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now.

If you have received a refund from a PPI claim, the premiums refunded are not taxable.

However, many successful claims are being paid out with a simple 8% interest to compensate the time you were without the benefit of your money.
 

If you have received a refund from a PPI claim, the premiums refunded are not taxable.

However, many successful claims are being paid out with a simple 8% interest to compensate the time you were without the benefit of your money.
 

Whether you pay income tax or National Insurance, the effect on your cash flow is the same.

Whether you pay income tax or National Insurance, the effect on your cash flow is the same.

Most of our readers will be aware that they can make chargeable gains of up to £11,100 in the tax year 2015-16 and pay no CGT. This exemption cannot be transferred to a future tax year or carried back to a previous tax year if it is not utilised.

Most of our readers will be aware that they can make chargeable gains of up to £11,100 in the tax year 2015-16 and pay no CGT. This exemption cannot be transferred to a future tax year or carried back to a previous tax year if it is not utilised.