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self-assessment

Tax Diary February/March 2021

Important dates for your tax diary in February and March 2021.

Time To Pay threshold increase

In October, HMRC increased the threshold of self assessment liabilities from £10,000 to £30,000 for individuals setting up Time to Pay arrangements.

Changes To Late Filing Penalty For 2019-20 Self Assessment Returns

HMRC have today announced that Self-Assessment customers will not receive an automatic penalty for filing their 2019-20 tax return late, provided it’s filed online by 28‌‌ ‌February 2021. 

The Winter Economy Plan

The Chancellor has made a series of announcements about ongoing support for businesses suffering because of the coronavirus, intended to help them through the winter.

COVID-19: Optional deferral of self-assessment tax payments

If you've been impacted by the coronavirus pandemic, you can defer your self-assessment payment on account to 31 January 2021.  

Payment of Self Assessment tax in July 2020

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.

Payment of Self Assessment tax in July 2020

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.

Spousal CGT tax advantages

It is fairly common knowledge that the UK tax system is biased in favour of married couples or those partners who have entered into a formal civil partnership.   

Don't be tricked this Halloween

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

Don't be tricked this Halloween

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

Tax Diary January 2019

See important tax dates for January here.

Tax Diary January 2019

See important tax dates for January here.

Have you received a PPI refund?

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.  

Have you received a PPI refund?

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.  

How long should you keep your records?

If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of the relevant tax year.

How long should you keep your records?

If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of the relevant tax year.

Tax credits and self-assessment

Tax credits claimants making a self-assessment tax return must update their final income details.  

Paying self-assessment tax by instalments

If you file your 2016-17 self-assessment tax return on or before 30 December 2017, you can elect to spread the repayment of any underpayment of tax for 2016-17 to the tax year 2018-19. This is done by amending your tax code for 2018-19 such that any arrears are repaid by increasing your tax payments each pay period.

Paying self-assessment tax by instalments

If you file your 2016-17 self-assessment tax return on or before 30 December 2017, you can elect to spread the repayment of any underpayment of tax for 2016-17 to the tax year 2018-19. This is done by amending your tax code for 2018-19 such that any arrears are repaid by increasing your tax payments each pay period.

Trading and property allowances

From 6 April 2017 (subject to the passage of the Autumn Finance Bill, when Parliament returns after the summer break), individuals will be able to claim up to £1,000 a year in tax-free allowances for property or trading income.  If you have both types of income, you may claim a £1,000 allowance for each.  

Trading and property allowances

From 6 April 2017 (subject to the passage of the Autumn Finance Bill, when Parliament returns after the summer break), individuals will be able to claim up to £1,000 a year in tax-free allowances for property or trading income.  If you have both types of income, you may claim a £1,000 allowance for each.