HMRC warns individuals against sharing their personal information online. Criminals are attempting to obtain sensitive information including Government Gateway logins and personal information to register for self assessment. Once registered bogus tax returns will be submitted and refunds pocketed. Fraudsters are targeting teenagers to pensioners across social media platforms with a view to ‘borrowing’ their … Read more
With Making Tax Digital (MTD) for Income tax coming into force from April 2024, HMRC have clarified the reasons to apply for exemption. MTD for Income Tax is a new way of reporting earnings to HMRC. You’ll use software to keep digital records and send Income Tax updates instead of filing a Self Assessment tax … Read more
HMRC has waived late filing and late payment penalties for self assessment taxpayers by one month, effectively delaying the tax return deadline to 28 February HMRC has announced that it will not give out financial penalties for late filing and late payments for self assessment tax returns which will give more time for taxpayers to … Read more
Customers who received COVID-19 grant payments during the 2020 to 2021 tax year should declare them in their tax return. More than 2.7 million claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2021. These grants are taxable and should be declared on the 2020 to 2021 tax return before … Read more
HMRC has issued scam warning ahead of the 31st January 2022 self assessment deadline. Taxpayers are being warned not to be caught out by scam emails, texts or phone calls from people impersonating HMRC. According to the tax authority, almost 800,000 tax related scams were reported last year with nearly 360,000 bogus tax rebate referrals. … Read more
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
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