Are you prepared for Making Tax Digital for Income Tax Self Assessment?
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is HMRC’s second phase of digitalising the UK tax system. It will impact self-employed individuals and landlords with a taxable income above £10,000 from April 2024.
MTD - What does this mean for Freelancers?
Making Tax Digital (MTD) is HMRC’s initiative to make the UK tax system effective and efficient in today’s digital world. MTD is intended to make life easier and to file tax returns more accurately for the taxpayer.
MTD - What does this mean for Freelancers?
Making Tax Digital (MTD) is HMRC’s initiative to make the UK tax system effective and efficient in today’s digital world. MTD is intended to make life easier and to file tax returns more accurately for the taxpayer.
SEISS fifth grant update
The government’s online service for the final self-employment income support scheme grant (SEISS) will be available some time around late July. If you are eligible to make a claim for the May 2021 to September 2021 period, HMRC will contact you from mid-July to inform you of the date you can make a claim from.
Am I eligible for the next Self-employed income support scheme grant (SEISS)?
If you became self-employed after 5 April 2019 and you have submitted your 2019-20 tax return before 2 March 2021, you may be eligible for the next two Self-Employed Income Support Scheme (SEISS) grants for the quarter end 30 April 2021 and the final claims period to 30 September 2021.
Self Employed Income Support Scheme Extension (SEISS)
The Government has provided more support for the self employed in the latest March 2021 Budget announcement.
New financial support measures announced
In his third statement delivered on 22 October, the Chancellor has significantly revised previously announced measures to help protect jobs across the UK whilst the country faces a fresh spike of the virus and a winter of uncertainty.
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: SEISS When and how to claim the next payment under HMRC support scheme
The Self-Employment Income Support Scheme (SEISS) was part of the package of measures from the Government to support businesses through the Covid-19 pandemic. The second and final tranche of grants available to eligible businesses can be claimed online from 17 August 2020. The closing date for claims for the second and final grant is 19 October 2020.
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.
COVID-19: Self-employment Income Support Scheme extended
The Self-Employment Income Support Scheme has been extended by a further three months to cover June, July and August 2020.
COVID-19: Self-employment Income Support Scheme eligibility checker now live
The self-employed can now check their eligibility for the Self-Employment Income Support Scheme (SEISS).
Tax Diary January 2020
These are the important tax dates for your diary this month.
Keeping business records if self-employed
Now that we are approaching the end of the 2019-20 tax year it’s worth noting that you are required to keep your self-employed business records – that underpin your self-assessment tax return for 2019-20 - for 5 years after the 31 January 2021 submission deadline.
In Business? Add these to your new year resolutions
The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of 31 March 2020, reviewing your management accounts for the nine months to the end of December 2019 is a must-do.