Following on from the introduction of Making Tax Digital (MTD) for VAT, HMRC are preparing to introduce MTD for self assessment. Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. HMRC’s ambition is … Read more
HMRC has confirmed that the 5th SEISS (Self Employment Income Support Scheme) grant will be available from the end of July. This will cover the period May to September. The grant is taxable and will be paid out in a single instalment. Guidance for claiming the grant will be available by the end of June … Read more
Self-Employment Income Support Scheme – receiving grants you were not entitled to guidance. An overclaimed SEISS grant includes any amount of grant which: you were not entitled to receive was more than the amount HMRC said you were entitled to when you made your claim This includes where a tax return being amended on or … Read more
More than 63,500 customers filed their 2020 to 2021 self assessment online on 6 April 2021. And with almost 950,000 online Self Assessment returns received so far this tax year, HMRC is urging others to do the same and file their tax returns early. Each year, thousands of people choose to file early, as soon as one … Read more
The online service for applications for the 4th self employment income support scheme (SEISS) claims is now open. All applications must be submitted by the individual self employed worker and cannot be handled by accountants or tax advisers. It is expected that up to 600,000 self employed individuals will be able to apply for the … Read more
The deadline for paying outstanding tax liabilities or setting up a Self Assessment payment plan is the 1st April. This will avoid incurring penalty charges for Self Assessment. Last month, HMRC said that due to the impact of the COVID-19 pandemic, they were giving Self Assessment taxpayers more time to pay their tax or set … Read more
With the upcoming SEISS fourth grant HMRC have issued new guidance. The SEISS (Self-Employment Income Support Scheme) has been extended until September 2021 there have been some changes to the eligibility. This will now be based on the submitted 2019-20 tax return. Who can claim To be eligible for the fourth grant you must be … Read more
Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April, HM Revenue and Customs (HMRC) has announced. The payment deadline for Self Assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a … Read more
HMRC have today announced a Self Assessment filing extension. Self Assessment customers will not receive a penalty for their late online tax return if they file by 28th February. More than 8.9 million customers have already filed their tax return. HMRC is encouraging anyone who has not yet filed their tax return to do so … Read more
HMRC will accept Covid-19 as a reasonable excuse for late filing of self assessments, as long as they explain how they were affected in their grounds for appeal and submit the return as soon as they can. Pandemic related personal or business disruption, whether to a taxpayer or their agent, might very well constitute a … Read more
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